Blueground, one of the fastest growing companies in the field of real estate and technology (prop-tech), which started from a few apartments in Athens and now has an international presence in the USA, Great Britain, Austria, France, Germany, Switzerland, Spain, the United Arab Emirates and Turkey announced today that they will lead a $ 14 million investment in the Brazilian startup Tabas.
Blueground, which recently raised $ 180 million in Round C funding to accelerate its international growth, will lead the investment round in the Brazilian company, thus gaining exposure in the Latin American market. According to the announcement, in the first stage Blueground will be a strategic investor in Tabas, while it will seek synergies in terms of technology, marketing and operational processes. The CEO and co-founder of Blueground, Alexandros Chatzieleftheriou, will join the board of directors of Tabas.
Tabas is a proptech start-up that operates in the Latin American market with an object similar to Blueground. The company rents apartments, renovates them in beautifully landscaped, fully furnished spaces and rents them out to millennials and professionals. Tabas currently has 360 apartments in Sao Paulo and Rio de Janeiro, and intends to use this new investment to expand to 1,200 apartments in Brazil by the end of 2022.
“Tabas entered the market in one of the most difficult economic times, and it was this resilience and perseverance that attracted Blueground to invest in its development,” said Alexandros Hadjieleftheriou, CEO and co-founder of Blueground . “There is huge potential in the Latin American market, but also a natural synergy between the two companies. I am very happy for this investment and I look forward to paving the way for the future together.”
“We are excited to have Blueground as our main investor at such a critical juncture in our development,” said Leonardo Morgatto, CEO and Founder of Tabas. “With this new capital and opportunity to leverage Blueground’s eight years of experience in the industry, we are able to support our growth and entry into new markets, as well as invest further in technology and our workforce to succeed. our goals for next year “.
It should be noted that this is Blueground’s first investment in another company, and its interest in Tabas is part of the company’s strategy for its rapid geographical growth. Having accumulated $ 258 million since its inception in 2013 – the highest amount of funding that a Greek start-up has raised to date – Blueground in 2021 exceeded $ 145 million in revenue. Maintaining an average global occupancy rate of 94% throughout the year, it outperformed the industry during another difficult year.
The Greek start-up exceeded 5,500 apartments and hosted more than 20,000 visitors throughout the year, while adding three more cities to its network in the last quarter of 2021. At the same time, it created 110 jobs in Greece, aiming to hire another 160 people within the next year, who will be based in Greece. The company now operates in 18 markets across North America and EMEA with plans to grow to 50 cities and 30,000 apartments worldwide by 2025.
Source From: Capital
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