Blueground, a US-based flexible apartment rental service backed by internet holding company Jabbar Internet Group, has picked up $50m in series B funding, CityAM reported on Wednesday.
The round was co-led by investment firms Prime Ventures and Westcap Investment Partners, and it increased the company’s overall funding to $78m.
Founded in 2013, Blueground runs an online platform that allows business travellers to rent fully furnished properties through flexible short-term contracts starting at 30 days.
The company has a portfolio of more than 2,800 apartments across nine cities and will use the series B proceeds to launch in London. It aims to offer 250 properties across the city by the end of 2020 and plans to be present in 50 cities by 2023.
Alex Chatzieleftheriou, Blueground’s co-founder and CEO, said: “London is an excellent addition to our existing locations and we are really confident that it will become our largest European market soon.
“In preparation for our launch in London, we looked closely at the city’s current rental market and the demand for our services, assessing the potential to provide top quality ready-to-move-in apartments with the ultimate goal of transforming our guests’ London living experience.”
The funding will also drive technology development and product design. Unnamed representatives from Prime Ventures and Westcap will join Blueground’s board of directors in conjunction with their investments.
Jabbar participated in a $20m series A round for the company in March this year that was led by Venture Friends and backed by Endeavor Catalyst, which is owned by entrepreneurship organisation Endeavor, and angel investor Kevin Ryan.
VentureFriends and Endeavor Catalyst already supplied $5.8m of capital for Blueground in 2017, adding to $2.2m in seed funding it had already secured from undisclosed investors.
Photo courtesy of Blueground.
