Blueground is a real estate tech company that offers furnished apartments to vetted renters for stays of 30 days or longer.
Blueground leases from property owners and management companies such as Related Rentals, Stonehenge, UDR and Pinnacle Living. The company typically leases numerous apartments before they hit the market, with a goal of holding them for many years, which they claim offers landlords steady cash flow.
Blueground was founded in Athens in 2013, by Alexandros Chatzieleftheriou, Andreas Nezeritis, Penny Papakonstantinou, & Alexis Maragkos. The company is headquartered in New York, and currently leases and manages properties throughout New York, Chicago, Boston, Los Angeles, Dubai, Athens, Istanbul, San Francisco, and Washington, DC.
Blueground signs agreements with landlords to furnish luxury apartments and then lease them out for at least one month at a time. The company has a client-facing app for tenants to report issues and pay bills.
Blueground also has a booking platform and an internal property management system to track its portfolio, currently 2,800 units across nine cities. The company aims to grow to 50,000 apartments worldwide by 2023.
Blueground is backed by Westcap Group, Prime Ventures, VentureFriends, Endeavor Catalyst, and Jabbar Internet Group, National Bank of Greece and others. The company raised $50M from a "Series B" financing on Oct 23, 2019. This brings Blueground's total funding to $77.4M to date.