Hospitality-tech company Blueground has obtained $12 million (10.5 million euros) of fresh funding from a group of global investors, including Dubai-based Jabbar Internet Group, VentureFriends, and Endeavor Catalyst, the company said in a statement.
The latest investment marks the fourth and largest round of funding for Blueground, bringing the total capital raised from global investors to some $20 million.
"Over the past five years, the Blueground team has reimagined the professional leasing sector of the real estate market in Dubai and eight other cities in the US and Europe. As demonstrated by the funding, renowned investors who have previously invested in successful start-ups like Souq.com express confidence in our business model and success," said Alex Chatzieleftheriou, Blueground CEO and Co-Founder.
The Blueground concept involves leasing high-quality properties in sought-after locations on a medium and long-term stay basis to professionals and individual travellers.
Blueground in-house interior design team works with individual and corporate property owners - such as Emaar Properties, Meraas Holding, Daman Investments, Orra Intl and others - to upgrade the properties in a bid to ensure a premium experience for renters, and boosting revenue opportunities for owners by offering a steady cash-flow to maximise the property's annual yield with 100 per cent occupancy guaranteed.