This dude closed $45M and made $560M by making sure you can rent an apt in nyc for 1 month 🤯

okay this absolute savage and unit just closed a nasty $45 million and generated an even nastier 560 mil in revenue and generated an even nastier 560 mil in revenue so you don't have to look like this guy when trying to find a short term rental in New York City anyone new I'm Nabeel investor builder and honestly just figuring it out investor builder and honestly just figuring it out Alex is the Cavana CEO of Blue Ground Blue Ground is a short term rental startup that allows you to take up to one month leases on fully furnished places that allows you to take up to one month leases on fully furnished places all across the world in 2013 after being frustrated with the dearth of short-term furnished apartments in Europe. He had been traveling as a consultant for McKinsey, living almost exclusively in hotel rooms for months. "One time the company had to pay up to €15,000 for a hotel room in Amsterdam. And there wasn't enough space nor a kitchen to cook," he said. "I tried renting apartments for a month or more. But it was difficult, and landlords weren't open to buying furniture. So I had created a business that would solve my problem." Some years later, at the height of the pandemic, business was booming for his startup's category - short-term, furnished apartment re and folks got stir crazy, people roamed the world w and wanted to try new places. working from home. but now as businesses are forcing folks to come back to the office but now as businesses are forcing folks to come back to the office Now that many employers have called workers back to offices, the demand for temporary housing has cratered. Some of his competitors didn't survive. Zeus Living and WanderJaunt shut their doors and returned the keys. Some became acquisition opportunities for Blueground. In 2022, the company gained a strong foothold in Latin America by buying Tabas, an operator of over 9,000 furnished apartments in Brazil. Within months, Blueground snagged Travelers Haven, a 15-year-old business that provides on-demand housing to workers in nearly 20,000 cities throughout the United States. In 2022 living WanderJohntpick, a marketplace for furnished apartment operators, like Kasa and Placemakr, and created a partner network giving customers as Blue Run want ahead and acquired to Boss another company called to acquire Brazilian proptech startup Tabas, marking the first acquisition in its near ten-year history. as Blue Run want ahead and acquired to Boss another company called to acquire Brazilian proptech startup Tabas, marking the first acquisition in its near ten-year history. Blueground Acquires Furnished Rental Company Travelers Haven Blueground Acquires Furnished Rental Company Travelers Haven as Blue Run went ahead and acquired to Boss another company called will employ more than 1,200 people and is expected to reach $600 million in revenue this year. CEO Alex Chatzieleftheriou founded New York-based Blueground ten years ago to help people along with another company called Nest Pick along with another company called Nest Pick private equity investments along with other backers, including WestCap, Chatzieleftheriou told TechCrunch. The New York-based company said it also secured a debt facility from Barclays with participation from Morgan Stanley, Deutsche Bank and HSBC, which replaced and upsized the $40 million of debt Blueground obtained from Silicon Valley Bank in 2021. Blueground leases apartments in popular neighborhoods and then equips and furnishes them for renters. The company currently manages 15,000 apartments in 32 markets in 17 countries. In addition to taking out its own leases, Blueground has recently begun to franchise with local operators in Japan and Thailand. which brings their whopping total to 15,000 apartments which brings their whopping total to 15,000 apartments that they manage across 17 countries. Sales jumped by 70% to $560 million in 2023 over 2022's $300 million in gross revenue, Chatzieleftheriou said. Gross margin - that's after it pays landlords for leases - is approximately 35%, he added, and he expects Blueground to have positive cash flow in 2024. at a massive jump of revenue by 70% from 2023 to 2022 at a massive jump of revenue by 70% from 2023 to 2022 to a whopping $560 million revenue and because we're talking about lease arbitrage and because we're talking about lease arbitrage it's always important to understand their gross margin it's always important to understand their gross margin and to mention that they approximately are generating 35% and to mention that they approximately are generating 35% looks like the crunch base hasn't been updated but total investments raised looks to surpass 300 million but total investments raised looks to surpass 300 million actually know the blueground folks in San Francisco firsthand actually know the blueground folks in San Francisco firsthand saw their work ethic saw their work ethic anybody's actually tried any of these apartments anybody's actually tried any of these apartments my founders out there use it as inspiration my founders out there use it as inspiration let's get back to work let's get back to work