U.S.-based vacation rental management company Vacasa has
closed $64 million in new funding from existing investor Riverwood Capital,
with participation from other current investors Level Equity, NewSpring and
Assurant Growth Investing.
Vacasa says the funding was initiated by its investors and not part of a proactive effort to seek new capital.
“We are increasingly bullish on Vacasa’s ability to
capitalize on the $32 billion market opportunity that exists within the
vacation rental industry,” says Jeff Parks, managing partner at Riverwood
“Vacasa has exceeded every key business metric since our
first investment just over a year ago. Unit economics, customer retention,
geographic footprint, homeowner and guest satisfaction, and both organic and
acquisitive growth are on an accelerated trajectory.”
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The funding comes two weeks after Vacasa announced it acquired
assets from Oasis Collections, a home-share company that had been backed by and
affiliated with Hyatt Hotels.
That move raised Vacasa’s total number of properties under management
to more than 10,600 in 23 cities in the United States and 16 countries in
Europe, South and Central America and Africa. It also puts Vacasa ahead of
Wyndham Vacation Rentals as the largest vacation rental company in North
In July, the company launched Vacasa Real Estate, a network
connecting buyers and sellers of vacation properties.
“Vacasa has consistently grown 60% year-over-year, but we’re
still only 2% of the market” says Vacasa CEO and founder Eric Breon.
“We see this as an opportunity to strengthen our balance
sheet while continuing to expand our geographic reach, adding new and unique
programs, and investing in our technology platform.”
Founded in 2009, Vacasa took its first round of outside
capital in 2016 - $40 million Series A led by Level Equity. One year ago,
Vacasa secured a Series B round of $103.5 million.
The company will use this latest funding to expand the
platform in the U.S. and internationally, to add staff and to develop its technology.
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