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Real estate technology company Blueground has closed an AED 183 million Series B funding round led by investment firms WestCap Investment Partners and Prime Ventures.
The latest round is expected to help Blueground increase resources to further develop its proprietary technology, product design, and guest experience, and aid expansion in Dubai and other global markets including London, Paris and Seattle. Within the Middle East, Blueground plans to drive business growth in Dubai, expecting to exceed a portfolio target of 1,000 premium residential properties in 2020.
Blueground offers fully furnished andtech-poweredapartments for periods ranging between one month and two years, which can be booked through a dedicated app.
In Dubai, it offers properties in neighbourhoods such as Downtown Dubai, Dubai Marina, City Walk and Dubai International Financial Centre. The average duration of stay in Blueground’s properties in Dubai is six months.
Till date, the company has raised a total of AED 286 million in funding from venture capital funds such as VentureFriends, Endeavor Catalyst, AlleyCorp and Jabbar Internet Group. It has compiled a portfolio of more than 2,800 apartments in nine cities around the world with over 500 properties in the UAE.
Cavendish Maxwell is the MENA region’s leading firm of property consultants and chartered surveyors. If you are looking for professional real estate consultation or advice on property related matters, please view our services.
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