Blueground, a hospitality company offering high quality accommodation to business executivesÊand expats, has made its entry into Dubai’s hospitality industry. Based in Greece, Blueground’s business model operates by leasing existing high-end residential properties in the most sought after areas, upgrading and converting 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.
It has already gained the trust of over 400 property owners and thousands of corporate guests and has tripled its revenues in the last 12 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.
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.
The company 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, reflects the company’s strong belief in the region’s significant growth potential.
“Dubai is an established hub for both investors and businesses from around the world, making it an ideal market for us,Ó said Alexandros Chatzieleftheriou, CEO and co-founder of Blueground. “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 $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 $7.4 million.