Blueground launches expansion with $20M investment in Turkey
Blueground, which offers private accommodation to corporate clients and individual users, now has plans to expand in Istanbul, increasing its properties to 1,000 by 2020 with a $20 million investment from major investors such as Venturefriends, Endeavor Catalyst Fund and Jabbar Internet Group.
The move is part of an aggressive push to increase Blueground’s brand presence globally, with a target of 50,000 properties in more than 50 cities over the next five years. Established in 2013, the company currently in operates 1,500 luxury apartments in Turkey, the U.S., Greece and Dubai, with more than 100 corporate partners.
Blueground Turkey General Manager Berker Yagci said in a statement that the company has been providing turnkey solutions to people who need medium and long term accommodation while maximizing the incomes of property owners with a guaranteed financing model. “We manage apartments in cities like New York, San Francisco, Los Angeles, Chicago, Boston, Washington DC, Dubai, Athens and Istanbul,” Yagci said. “By the end of 2020, we aim to strengthen our presence in Turkey with 1,000 apartments and add new metropolises to our business model.”
Blueground’s business model - renting and redesigning centrally located apartments - creates a unique alternative for the real estate sector. With its guaranteed financing model, Blueground provides stable cash flow for individual property owners and real estate companies. Blueground recently combined its forces with one of Turkey’s leading real estate companies, Bay Insaat.