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Blueground, a leading real estate tech company, has secured Dh102.8 million ($28 million) in funding, which the company aims to use in expansion of its network of tech-enabled apartments in Dubai.
The company leases more than 400 ready-to-move-in apartments in Dubai and aims to become its biggest tenant by the year-end.
Constantly investing in technology and growth, the company’s latest funding round also includes participation of prominent New York City-based tech entrepreneur Kevin Ryan – who joined the company’s board of directors.
Among other investors were well-established venture capital funds, namely, UAE-based Jabbar Internet Group, VentureFriends and Endeavor Catalyst, said the statement from Blueground.
The close of the latest funding round ($12 million last year and $8 million in 2019) marks an important milestone for the company, which has tripled its annual revenue on a yearly basis over the last three years and now tops $28 million in total funding.
In Dubai, since 2016, Blueground leases from individual and corporate property owners, such as Meraas Holding, Daman Investments and Orra International before they hit the market, with a goal of holding them for many years, ensuring landlords a steady cash flow and value-added financing solutions that maximize a property’s annual yield.
The company then offers the properties with premium furnishings, high-speed WiFi, luxury linens, high-end gadgets and beautiful designs, to vetted renters for 30 days or longer; with an average six months stay.
Once the online reservation is made, guests have access to ongoing support and information through the Blueground app. They can arrange for housekeeping, request maintenance, or even modify their stay by moving to another apartment in a new neighborhood or city under the same service agreement.
In 2018, the company more than doubled its network of tech-enabled apartments from 150 to 400 in some of the emirate’s most desired locations, such as Dubai Marina, DIFC, Downtown, said the company in its statement.
With the vision to make people feel at home wherever they choose to live, Blueground boasts an impressive portfolio of more than 1,800 apartments in Dubai, New York, San Francisco, Los Angeles, Boston, Washington, DC, Chicago, Istanbul and Athens, it added.
Amine Housni, the regional manager for Middle East at Blueground, said: “We understand that technology is shaping trends and being able to leverage this shift is the key. In line with this, we focus on creating a tech-enabled living experience that guests love."
"Our funding will support Blueground’s growth plans and help us move closer towards the goal of leasing 1,000 apartments in Dubai by 2020. It will also allow us to further elevate the experience we provide to landlords and guests and make the renting process as simple, cost-effective and seamless as possiblem," he noted.
Jabbar Internet Group CEO Samih Toukan said: "Jabbar has decided to invest and support Blueground as we believe it has a great valuable real estate offering that utilizes technology to provide a premium service to its clients."
"Blueground has a global product that currently operates in Dubai, Europe and the USA and is expanding very quickly. We are excited to be part of this global success story," he noted.
Ryan, the founder of a number of billion-dollar businesses, and known for MongoDB, Business Insider, Gilt Groupe and Zola, said: "Blueground provides a product that speaks to a human need in an increasingly mobile business world."
"The team has a clear vision of where they want to go, in a market with significant growth potential. I am convinced of the potential of Blueground and excited to be an investor and a member of the board," he added.-TradeArabia News Service
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