United States / Brazil: based in New York proptech company Blueground leads investment in Brazil real estate tech startup Tabas, which recently closed its $14 million Series A round.
After securing $180 million in Series C funding in September to accelerate growth and meet growing demand for flexible rentals, this is Blueground’s first investment in the rapidly growing proptech space, and the company will become a strategic investor in Tabas while gaining exposure to Latin America [LatAm] Marlet.
Blueground co-founder and CEO Alex Chatzieleftheriou will also join Tabas’ board following the investment.
Founded in early 2020 and based in São Paulo, Tabas aims to design the future of living in the Latin American market by renting apartments for flexible stays of at least one month to millennials and professionals. With 360 apartments in its portfolio in São Paulo and Rio de Janeiro, Tabas will use the inbound investment to expand to 1,200 apartments in Brazil by the end of 2022.
Alex Chatzieleftheriou, co-founder and CEO of Blueground, said, “Tabas entered the market during one of the toughest economic times, and the strong performance and tenacity of the team prompted Blueground to invest in the Tabas growth. There is enormous market potential in Latin America and a natural synergy between our two companies; I look forward to leading the way to the future of living together.
Leonardo Morgatto, Founder and CEO of Tabas, said: “We are delighted to have Blueground as our lead investor at such a crucial time in our growth. With this new capital and the opportunity to leverage Blueground’s eight years of industry experience, we are able to support our growth and launch into new markets, as well as further invest in our technology. and our talents to achieve our milestones over the next year. ”
This strategic partnership is the first to come under Blueground’s accelerated growth strategy.
His interest in Tabas arose as the company had a record year in 2021 – surpassing $145 million in revenue and maintaining a global average occupancy rate of 94% throughout the year. Blueground surpassed 5,500 apartments and hosted over 20,000 guests throughout the year while adding three additional cities to its network in the last quarter of 2021.
Now forecasting revenue of $265 million in 2022 and active in 18 markets across North America and EMEA, Blueground plans to grow to 50 cities and 30,000 apartments globally by 2025.
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