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Flexible Apartment Rental Startup Blueground Raises $50M Series B

New York-based Blueground, a tech-equipped apartment rental company, announced today it has raised $50 million in a Series B round co-led by WestCap and Prime Ventures.

Blueground typically leases apartments before they hit the market, with a goal of holding them for many years.

CEO and co-founder Alex Chatzieleftheriou said he founded the company after having spent five years traveling from city to city as a consultant, living almost exclusively in hotel rooms.

The experience sparked the Blueground concept, which Chatzieleftheriou said offers users an option that is about 30 to 50 percent less expensive than hotels, with about “three times the space.” The app also offers a relocation function that allows renters “to experience new apartments in different neighborhoods and cities on demand.”

He also said Blueground has “surpassed more than one million nights spent by over 10,000 guests” in its rentals.

Blueground also plans to keep hiring with the goal of doubling its headcount over the next 12 months as it adds new markets and grows its staff in existing markets.

“Our guests are typically relocating into a new city as part of a work-related or other move,” Chatzieleftheriou said.

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