Blueground announced the closing of a $50 million Series B round co-led by two WestCap Investment Partners and Prime Ventures.
WestCap’s founding partner, Laurence Tosi, is an experienced investor and operator, who served as the long time CFO of private equity firm, Blackstone, and subsequently, as the CFO of Airbnb, the leading home-sharing marketplace.
Blueground envisions a world in which people can feel at home wherever they choose to live. The company creates that experience “tech-powered apartments” for stays ranging from one month to a year or longer.
With this new round, Blueground will increase resources to further develop its proprietary technology, product design, guest experience, and grow its presence in both the United States and Europe.
The expansion begins with the launch of London, Paris and Seattle by year end 2019, and position Blueground to reach its 2023 target of serving guests in over 50 cities globally.
To date, the company has built a portfolio of more than 2,800 apartments in nine cities around the world.
With this Series B round, Blueground has now raised a total of $78 million in equity funding. Previous financing included investments from VentureFriends, Endeavor Catalyst, Jabbar Internet Group and AlleyCorp. In January, it named Kevin Ryan, CEO of AlleyCorp, to its Board of Directors.