New York-based global proptech
company Blueground is acquiring Tabas, a startup that operates a similar model
In January, Blueground
led a $14 million Series A funding round in Tabas. Terms of the deal have
not been disclosed.
The acquisition, the first for
Blueground, enables the company to enter the Latin American market and together
Blueground and Tabas will launch in Mexico City in early 2023.
Blueground offers furnished,
tech-enabled apartments that are available for stays of at least one month in 26
cities including New York, Los Angeles, Boston, Chicago, London, Paris and Hong
Kong. Tabas operates a similar model, with more than 1,000 apartments in three
cities in Brazil - São Paulo, Rio de Janeiro and Brazilia.
Subscribe to our newsletter below
“We’ve had our sights set on
Latin America for quite some time, as we see huge market potential for
furnished and flexible rentals,” says Alex Chatzieleftheriou, CEO and co-founder,
“Since our first investment in
Tabas last year, we’ve developed immense respect for the Tabas team and what
they’ve built in Brazil. With our best-in-class technology and our expertise in
scaling the business, we'll continue to expand and offer the option for a
flexible lifestyle in more markets globally.”
Says Leonardo Morgatto,
co-founder and CEO at Tabas: “Tabas and Blueground’s visions are fully aligned
and together we can create even more value for our guests, our landlords and
the Tabas team. This acquisition is yet another success story for Brazilian
proptech companies. We're proud of the work we’ve done to get us this far; now
it’s time to take it to the next level and continue bringing the turn-key,
flexible rental living concept across Latin America.”
The two companies will
gradually integrate over the next year and combined will have properties in 29
cities across 16 countries with a goal of growing to 40,000 apartments in 50
cities by 2025.