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Alex Chatzieleftheriou founded Blueground in 2013 after being frustrated with the shortage of shortsighted - term furnished apartments in Europe . He had been traveling as a consultant for McKinsey , living almost only in hotel way for calendar month .
“ One time the fellowship had to yield up to € 15,000 for a hotel way in Amsterdam . And there was n’t enough space nor a kitchen to cook , ” he tell . “ I tried renting apartments for a calendar month or more . But it was difficult , and landlords were n’t open to buying article of furniture . So I had create a business that would solve my trouble . ”
Some years after , at the height of the pandemic , concern was booming for his inauguration ’s family — short - term , furnished apartment rental companies — as hoi polloi roamed the world while working from home .
Now that many employers have call worker back to offices , the demand for temporary housing has cratered .
Some of his competitors did n’t go . Zeus LivingandWanderJauntshut their room access and returned the keys . Some became acquirement opportunities for Blueground . In 2022 , the companionship gained a strong beachhead in Latin America bybuying Tabas , an operator of over 9,000 furnished apartments in Brazil . Within months , Blueground snaggedTravelers Haven , a 15 - twelvemonth - old commercial enterprise that offer on - demand housing to actor in intimately 20,000 metropolis throughout the United States . In 2023 it picked up Nestpick , a marketplace for equipped apartment operators , like Kasa and Placemakr , and create a partner connection leave customers admittance to anadditional 18,000 apartments .
Blueground now operates a global web of move - in - ready home for stays of a calendar month or more and has raised $ 45 million in Series D funding from fresh investor Susquehanna Private Equity Investments along with other backers , let in WestCap , Chatzieleftheriou told TechCrunch . The New York – found companionship pronounce it also fix a debt installation from Barclays with engagement from Morgan Stanley , Deutsche Bank and HSBC , which replaced and upsized the $ 40 million of debt Blueground obtain from Silicon Valley Bank in 2021 .
Blueground rent apartment in pop neighborhoods and then equips and furnishes them for renters . The companionship currently manages 15,000 apartment in 32 market place in 17 countries . In accession to take out its own leases , Blueground has recently begin to franchise with local operators in Japan and Thailand .
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The company did n’t give away its fresh rating , but Chatzieleftheriou said that the company ’s value has increased since its previous round . Thatvaluation was reportedly $ 750 millionafterraising a $ 140 million Series C in September 2021 .
It ’s no secret that the fundraising environment has been extremely ambitious for late - stage companies , especially those in the proptech sphere , which has been battered by rising interest rates .
Chatzieleftheriou secernate TechCrunch that his fellowship ’s fast growing and near - profitability helped convert investor to fork over the late funding .
sales agreement jump by 70 % to $ 560 million in 2023 over 2022 ’s $ 300 million in gross gross , Chatzieleftheriou said . Gross tolerance — that ’s after it pays landlords for lease — is approximately 35 % , he added , and he expect Blueground to have positive cash catamenia in 2024 .
While further acquisitions seem belike , open Chatzieleftheriou ’s prediction of industry consolidation , the straightaway centering is integrating these recent purchases . The new backing will go toward market expansion , applied science investments , and possibly the ultimate fiscal goal : an IPO .
