Blueground, a New York-based PropTech company providing housing solution for renters globally, acquired Tabas, a Brazilian PropTech startup.
The amount of the deal was not disclosed.
The acquisition, which is expected to close in early Q1 2023, enables Blueground to enter the Latin American market. Together the two companies will launch Mexico City in early 2023. The combined organization will have a presence in 29 cities across 16 countries, employing over 1,000 people. Based on current financial projections, the joint entity is projected to generate ~650M in 2023. Blueground had led Tabas’ $14m Series A funding round earlier this year.
Led by CEO Leonardo Morgatto, Tabas is a large operator of designer-quality furnished apartments for 30 days or more in São Paulo, Rio de Janeiro, and Brazilia.
Led by CEO Alex Chatzieleftheriou, Blueground is a global PropTech company that operates a curated network of thousands of quality homes in sought-after neighborhoods around the globe, making them available for stays of a month or longer. Its tech-enabled platform provides a fully digitized experience; from viewing and booking available apartments within minutes to managing the entire stay through the Blueground Guest App. The company currently works with over 4,700 landlords globally.