Real estate technology company Blueground has raised an additional $50 million in capital from investors as it pushes ahead with ambitious global expansion plans.
The moves comes as investor interest in real estate tech players picks amidst changes in the way properties area bought, sold and leased.
Blueground said the funds come from two prominent investment firms: WestCap Investment Partners and Prime Ventures. This latest capital boost means that Blueground will have raised a total of $78 million in equity funding in 2019.
"With this new round, Blueground will increase resources to further develop its proprietary technology, product design, guest experience, and further expand its presence in both the United States and Europe," the company said in a statement. "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," it added.
To date, the company has built a portfolio of more than 2,800 apartments in nine cities around the world. Blueground leases apartments from owners and then upgrades them by fully furnishing the home before making it available for renters looking for turnkey rentals. Stays at these apartments typically range from one month to a year, or longer.