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blueground, a technologically-enabled property management company led by Endeavor Entrepreneur Alexandros Chatzieleftheriou, raised an additional $5.85 million in a series-A funding round from a group of investors, including the European fund VentureFriends and Endeavor Catalyst. The company leases and manages residential properties – after transforming them into fully furnished and serviced residences – to corporate travelers, expats and leisure travelers for short- or long-term stay.
blueground is one of the fastest growing hospitality startups worldwide as it tripled its turnover in the last year and expanded successfully in Istanbul and Dubai. The company plans to use the funding to boost its plans to strengthen its presence in the countries it already operates, to expand into new markets — further in Europe, the Middle East and Asia — and invest in further technological development.
blueground Founder and Endeavor Entrepreneur Alexandros Chatzieleftheriou (second from right) and team
“We are very excited with the new funding we secured, but also for our company’s continuous development in the markets we operate in,” Chatzieleftheriou said. “The trust showed to us by our existing and new investors gives us the confidence to continue with the same growth rates,” he added.
blueground already works with over 400 homeowners, securing them with a fixed monthly income, long-term contracts and high flexibility. Moreover, the company has helped thousands of corporate executives and travelers in Greece find the high-quality accommodation they were looking for.
Since it’s founding in 2013, blueground has raised more than $7 million, placing it in the ranks among the highest capital raising Greek startup companies. The company was selected into the Endeavor network in 2015 at the 51st International Selection Panel in Marrakech, Morocco. Since then, blueground has worked with Endeavor Greece to connect with Endeavor’s local offices in Turkey and UAE to expand to those locations, which they did successfully in 2016.
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.
Learn more about Endeavor Catalyst by clicking here.
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