Abu Dhabi company invests in Greek apartments Venture Blueground

ATHENS – Blueground, a Greek start-up specializing in short- and long-term furnished apartment rentals, has secured a lead investor from Abu Dhabi holding company ADQ as part of a plan to expand to 35,000 apartments in 50 cities.

ADQ’s venture capital arm, DisruptAD’s investment in the real estate tech company will help Blueground achieve its goals without delivering the value of its investment, The National reported.

The move marks the first deal between the state-controlled company and Greece under the 4 billion euro ($4.2 billion) bilateral investment partnership announced earlier this year, the website added.

“As part of ADQ’s investment partnership with the Greek sovereign, our investment in Blueground reinforces our commitment to boost the core sectors of the economy,” said Amer Al Ameri, Head of Venture Capital and Technology Investments at ADQ, commenting on the opportunity.

“The success of disruptive technologies, such as the platform developed by Blueground, will be a catalyst to accelerate the sustainable development of the Greek economy,” he said of the move.

In May, the UAE and Greece said they agreed to invest in deals including infrastructure, renewable and alternative energy, healthcare and pharmaceuticals, food and agriculture, and logistics, the UAE’s state news agency Wam reported at the time.

Blueground, an Athens-based premium furnished rental apartment service, said in September 2021 that it had raised $180 million in funding to expand into new markets and accelerate business growth.

Rental demand is recovering as the COVID-19 pandemic continues to recede, its website says, adding that it has raised $258 million since its inception, valuing the company at $750 million.

“With its rapidly expanding presence in mature real estate markets around the world, the future looks bright for Blueground,” said Al Ameri. He added: “Our collaboration will allow us to unlock growth opportunities in line with our mission of delivering strong and sustainable financial returns.”

Founded in 2013, Blueground currently operates in 26 cities across Europe, North America and Asia, with about 8,000 apartments and hopes to increase that number by about 400%.