Blueground, a premium furnished rental apartments service founded in Athens, Greece, raised $180 million to fund its expansion into new markets and accelerate its business growth as demand for flexible rentals rises in the post-Covid era.
The rental start-up, which is based in New York and entered the Dubai market in 2016, offers more than 5,000 apartments in 15 cities globally. It plans to expand to 50 cities by 2025.
In its latest funding round, also known as Series C funding, Blueground raised $140m in equity financing led by the US investor WestCap. Private equity investment company Geolo Capital and venture capital firms VentureFriends and Prime Ventures also participated in the round.
Blueground also raised a $40m debt facility from Silicon Valley Bank in California.
“With the new living and working paradigm, we are ideally positioned to meet people’s increasing demands for greater flexibility. We are incredibly excited about the vast growth potential, which will be accelerated by this latest round of funding,” said Alex Chatzieleftheriou, chief executive and co-founder of Blueground.
Together with this new round, the start-up has raised a total of $258m since its inception. It expects to earn revenues of $140m this year.
Blueground is currently valued at $750m, according to a Bloomberg report. It is different from short-term rental services companies, such as Airbnb, because it requires a minimum stay of one month, up to a year or longer. It leases apartments from landlords and asset management companies for one to three years.
Catering to business travellers and remote workers, Blueground offers high-end apartments that are fully furnished and equipped with technology, such as high-speed Wi-Fi and smart TVs. Guests also have access to support through the Blueground app, with services such as cleaning and maintenance. They can choose to relocate to a different neighbourhood or city with a notice period of 15 days to a month.
“Blueground curates and hand picks all its apartments and ensures they are of high quality,” the company said.
In Dubai, Blueground focuses on properties in popular neighbourhoods, such as Downtown, Dubai Marina, City Walk and Dubai International Financial Centre.
With more companies adopting hybrid work models, it is normal for employees to work from anywhere, resulting in an increase in demand for flexible, long-term accommodation.
Last year, as countries enforced strict quarantine measures, Blueground was able to maintain 92 per cent occupancy for its units. It has added 1,400 new units in the past 18 months.
"Blueground is uniquely positioned to address the growing need for flexibility in real estate as companies continue to delay return-to-office mandates," said John Pritzker, Geolo Capital's founding partner and director.
"There is an immense opportunity here … with Blueground team as the clear leaders in 30+ days stays, we are confident that Blueground will continue to see success," he said.
Currently, Blueground is present in Dubai, Istanbul, Paris, London, Vienna and Athens, besides the US cities of New York, Los Angeles, San Francisco, Boston, Chicago, Washington, Denver, Seattle and Austin.
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Developer: Ubisoft Montreal / Ubisoft Toronto
Publisher: Ubisoft
Platforms: Playstation 4, Xbox One, Windows
Release Date: April 10
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
