Blueground and its new investors are banking on fast growth and a “recession resistant” model.
The luxury-rental company announced its Series B funding round raised $50 million in equity financing. The round was led by Airbnb investor Laurence Tosi’s investment firm Westcap Group and Europe-based Prime Ventures. It brings Blueground’s total equity funding to $78 million.
CEO Alex Chatzieleftheriou said the cash infusion will allow the company to expand to London, Paris and Seattle before year end and to double its technology development team.
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. It also has a booking platform and an internal property management system to track its portfolio, currently 2,800 units across nine cities.
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