NYC proptech startup Blueground raises $20M from investors

Blueground, a proptech startup based out of New York City, has recently ended an investment round with an impressive $20 million in funding.

This includes $8 million in fresh funds and $12 million that had come from Dubai-based Jabbar Internet Group, VentureFriends, and Endevaor Catalyst, in October last year. The round takes total investment raised so far by Blueground to $28 million.

Launched in 2013, Blueground provides premium ready-to-move-in apartments with high-end furnishing to businesses and individual renters for mid (one month at least) to long term stays.

The startup that expanded to UAE in 2016 currently has 1,800 apartments in Dubai, New York, San Francisco, Los Angeles, Boston, Washington, D.C., Chicago, Istanbul, and Athens. Blueground has doubled the number of its apartments in Dubai from 150 to 400 in 2018 and aims to take this number to 1,000 by 2020.

It leases apartments from both individuals and corporate property owners before they are out in the market, with the goal of holding them for many years. The startup then lists these properties with premium furnishings, high-speed WiFi, and high-end gadgets on its platform to rent them to vetted renters. Tenants during their stay can request for different services including housekeeping, maintenance through Blueground’s app. The tenants also have the option to modify their stay by moving to a new apartment in the same city.

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