Proptech startup Tabas secures $14 million in Blueground-led funding round
Blueground, a PropTech company offering a turnkey housing solution for renters globally, has announced it is leading the investment in Brazilian PropTech startup, Tabas – which just announced its $14 million Series A round.
Blueground recently secured $180 million in Series C funding to accelerate growth to meet the increasing demand for flexible rentals. Blueground will lead the financial investment in Tabas, while also sharing its knowledge in the sector and scalability along with its technology to support Tabas’ development. Blueground CEO and Co-founder, Alex Chatzieleftheriou, will join Tabas’ board of directors as a result of the investment.
Tabas is designing a network of fully renovated, tech-enabled apartments available for rent for a month or more. The company rents apartments, renovates them into beautifully-designed, fully furnished living spaces and subrents them to millennials and business professionals. Currently, Tabas has 360 apartments available across São Paulo and Rio de Janeiro. Tabas will use this new investment to expand to 1,200 apartments in Brazil by the end of 2022.
“Tabas entered the market during one of toughest economic times, and the team’s strong performance and tenacity is what attracted Blueground to invest in the growth of Tabas” said Alex Chatzieleftheriou, CEO and Co-founder of Blueground.
“There is huge market potential in Latin America, and a natural synergy between our two companies; I am looking forward to paving the way for the future of living together.”
“We’re excited to have Blueground as our lead investor in such a pivotal moment in our growth,” said Leonardo Morgatto, CEO and Founder of Tabas. “With this new capital and opportunity to tap into Blueground’s eight years of experience in the sector, we’re able to support our growth and new market launch as well as invest further in our technology and talent to hit our key milestones in the next year.”
This strategic partnership is the first to come as part of Blueground’s accelerated growth strategy. Its interest in Tabas comes as the company had a record-breaking year in 2021 – surpassing $145m in revenue and maintaining an average 94% global occupancy throughout the year – outperforming the sector during another challenging year.