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Michele Mattei Michele Mattei is an Influencer

Fintech expert | Manager | Investor | Advisor

Proptech Blueground raised $45 million with more than $500 million in revenue. #Blueground, a #proptech startup specializing in furnished rental solutions, stands out for its resilience and for its remarkable growth amidst industry challenges. Founded in 2013 by Alex Chatzieleftheriou, a former McKinsey consultant, Blueground has navigated the fluctuating demands for temporary housing with strategic agility and an innovative business model, culminating in a significant $45 million Series D funding round. Chatzieleftheriou's journey began from a personal need for more flexible and comfortable short-term housing options in Europe, a challenge he faced during his consulting travels. Blueground's solution to this gap in the market has since evolved into a global operation, offering move-in-ready homes for stays of a month or more. The company's strategic acquisitions, including Tabas, Travelers Haven, and Nestpick, have solidified its footprint in the furnished apartment rental space, expanding its reach to 32 markets across 17 countries and managing 15,000 apartments. The Series D funding round, led by Susquehanna Growth Equity (SGE) with contributions from WestCap and supported by a debt facility from Barclays, Morgan Stanley, Deutsche Bank, and HSBC, signals strong investor confidence in Blueground's model and management. This confidence is bolstered by the company's impressive sales jump of 70% to $560 million in 2023, with a gross margin of approximately 35%. Such performance metrics are indicative of Blueground's operational efficiency and its potential for sustainable growth. The proptech sector has faced its share of headwinds, particularly due to rising interest rates and a challenging fundraising environment for late-stage companies. However, Blueground's ability to secure substantial funding and achieve near-profitability speaks volumes about its market differentiation and the effectiveness of its business strategy. The company's value proposition, emphasizing convenience, flexibility, and quality in furnished rentals, has clearly resonated with both customers and investors alike. The article on TechCrunch in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://t.ly/s541W   - Substack: https://lnkd.in/dzfGJzmW

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Navigating change with strategic agility reminds me of Darwin’s insight - survival hinges not on strength but adaptability 🌿 #innovation #growth

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