Property Manager Blueground Raises $45 Million 

New York-based Blueground, the property-management company that operates furnished 30-plus-day rentals, has raised $45 million in a series D round. 

The round was a combination of equity and debt: WestCap and Susquehanna Private Equity Investments led the equity round. And Blueground secured a debt facility from Barclays, with participation from Morgan Stanley, Deutsche Bank and HSBC.

The company said that the proceeds from the round will go toward development of Blueground’s technology and new strategic initiatives, which includes growing its partner network and its franchises. An additional focus will be on integrating companies it acquired, including Nestpick and Travelers Haven.

“We're thrilled to welcome new strategic investors who share Blueground's vision of enabling flexible living on a global scale,” Alex Chatzieleftheriou, CEO and co-founder of Blueground, said in a statement. “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.”

Growth in Numbers

To date, the company has 15,000 units across 32 cities worldwide. It recently said that it’s considering taking over some properties from rival company Sonder. 

Blueground said that it generated revenue of $300 million in 2022, and in 2023, the number climbed to $560 million, a 70% increase.

Over the past six months, Blueground has inked five franchise agreements, with expansion plans reaching Japan and Thailand. Since the launch of its partner network in the third quarter of 2023, Blueground said it has facilitated approximately $2 million in booking value for its partners.