Blueground – the largest global operator of furnished and flexible rentals for 30+ day stays – announced that it has secured $45 million in Series D funding. This funding round includes investments from new investor Susquehanna Private Equity Investments, LLLP (Susquehanna), and other notable investors, including WestCap. Blueground also raised a debt facility from Barclays with participation from Morgan Stanley, Deutsche Bank, and HSBC, which replaced its prior facilities with Silicon Valley Bank (SVB).
The funding will accelerate Blueground’s technology development and new strategic initiatives, fueling the company’s continued growth.
The demand for more flexible lifestyles has been rising. Blueground continues to play a major role in seamlessly meeting these needs. Blueground runs the largest curated global network of furnished rentals for 30+ day stays for individuals and corporate clients.
The company was co-founded ten years ago by CEO Alex Chatzieleftheriou, who had experienced first-hand the pain points of living out of hotels while traveling for work for months. During that time, he wanted to create a way for people to feel more settled and at home while also having the option to explore the world.
The company expanded its portfolio to include 15,000 units across 32 cities worldwide, catering to individuals and over 4,000 businesses, including several Fortune 500 companies.
Along with the core model, Blueground effectively introduced two new strategic initiatives that follow a capital-light and high-margin model: franchising and its Partner Network. These initiatives align with Blueground’s goal of growing the largest global network of move-in-ready homes for 30-plus-day stays.
Blueground recently announced its first two franchise agreements; the company will open in Japan through a deal with Mitsubishi Real Estate Company. And Blueground Thailand will launch with Chic Republic Public Company Limited.
Some of the company’s most recent milestones include
- Blueground generated $300 million in revenue in 2022 – a 124% increase from the previous year
- Last year, the company generated $560 million in revenue, growing 70% from 2022
- Blueground has signed five franchise agreements in the last six months, including those for Japan and Thailand.
- Since launching in Q3 2023, Blueground has generated about $2 million in booking value for the Partner Network partners.
- The company is on track to achieve $1 billion in revenue within two years.
KEY QUOTES:
“We’re thrilled to welcome new strategic investors who share Blueground’s vision of enabling flexible living on a global scale. The trust from leading investors like Susquehanna and reputable banking institutions like Barclays, and the syndicate banks, is a testament to Blueground’s financial performance and global leadership.”
– Alex Chatzieleftheriou, CEO and Co-Founder of Blueground
“Blueground has emerged as the global leader in furnished, flexible apartments for 30+ day stays with its ability to operate profitably in this market and continuously improve financial performance.”
– Dean Carlson of Susquehanna
