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Sunday, 25 June 2017 06:12 UAE time

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blueground disrupts the corporate hospitality industry in Dubai

Posted on
Thursday, 13 April 2017


Industry Sector
Real Estate

Other Industries
LifeStyle

Country
United Arab Emirates


Press Release Content


blueground, one of the fastest growing startups in the hospitality industry internationally, has entered the Dubai market a few months ago. It has already gained the trust of over 400 property owners and thousands of corporate guests and has tripled its revenues in the last twelve months.




blueground, which offers stylish, fully-furnished apartments to business executives, expats and other travelers for mid to long term duration (of one month or longer), has developed a unique business model that differentiates it from traditional serviced apartment operators, shaking up the stagnant of innovation corporate hospitality market.



Specifically, blueground leases existing high-end residential properties in the most sought after areas, upgrades and converts them into best-in-class rentals, thus avoiding the lengthy and capital intensive construction process of traditional hotel operators, while at the same time providing its guests with a home experience.



Also, the company’s scale, its furnishing standardization, and its in-house developed technology, which automates all aspects of the business, including online bookings, 24/7 guest support through an app, etc., differentiates it from the typical small-scale furnished apartment operators, ensuring the highest level of professionalism. This is the reason blueground is already counting multinationals such as Samsung, Panasonic, H&M, IKEA, Novo Nordisk, Oracle and Siemens in its client list.



The choice of Dubai as the third city blueground enters, is reflecting the company’s strong belief in the region’s significant growth potential. According to Alexandros Chatzieleftheriou, CEO & cofounder of blueground ”Dubai is an established hub for both investors and businesses from around the world, making it an ideal market for us” and he added “we are very pleased with the trust we have received from property owners, investors and multinational companies in Dubai to date, and we will continue to grow our presence in the region”.



blueground recently raised USD 5.8 million in Series A funding round led by the European fund VentureFriends and the American fund Endeavor Catalyst. The company’s disruptive business model and its significant growth - tripling its revenues since last year in each of the markets it operates - constituted the reason that led blueground to this new round of funding. Since its founding in 2013, blueground has raised a total of USD 7.4 million.



About blueground

blueground is a VC-backed hospitality technology company, aspiring to become a global leader in the corporate rental market. The company offers stylish, fully-furnished apartments to business executives expats and other travelers for mid to long term duration. blueground leases high quality properties in the most sought after residential areas, upgrades and converts them into best-in-class rentals. blueground is already present in Dubai, Istanbul and Athens, demonstrating significant year-to-year growth. To date, more than 400 owners have trusted their properties to blueground, enjoying significant benefits. In the meantime, blueground has hosted thousands of professionals from around the world, making their relocation an effortless experience and counts Coca-Cola, H&M, Panasonic, Novo Nordisk, LG and IKEA as its clients.



About VentureFriends Fund

VentureFriends is a seed Fund investing in e-Marketplaces and SaaS companies that already generate revenues and are looking to grow and expand internationally. Founded by ex-entrepreneurs, VentureFriends is managed in an entrepreneurial and founder-friendly manner.



About Endeavor Catalyst Fund

Endeavor Catalyst is the innovative co-investment fund of Endeavor, set up to invest exclusively in Endeavor Entrepreneur-led companies and to sustain Endeavor’s long-term operations in a mission-aligned way. Since launching in January 2012, Endeavor Catalyst has raised $35M in philanthropically donated and invested capital, and invested into more than 40 Endeavor companies in 15 countries. To date, Endeavor Catalyst has co-invested alongside a number of leading venture capital and growth equity funds, including Accel Partners, General Atlantic, NEA, Sequoia Capital and Tiger Global. Investments include Globant (NYSE: GLOB) in Argentina; Yemeksepeti.com (acquired by Delivery Hero) in Turkey and Ruma in Indonesia.



For more information, please contact Maria Karra – Savvy Consultant, +971 50 5574773 or Aneesa Arshad – Blueground – UAE Head, +971 56 4809686.

You can learn more about this press release by visiting - https://www.theblueground.com/

Contact Details


Name
Helen Mendoza

Telephone
971 52 1010597

Email




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