Pacaso, a platform to help people buy and co-own luxury
vacation homes, has raised $125 million in Series C funding, bringing the
company's valuation to $1.5 billion.
The round is led by Softbank’s Vision Fund 2 with additional
funding from Fifth Wall and Gaingels and participation from prior investors
Greycroft, Global Founds Capital, Crosscut and 75 & Sunny Ventures.
Pacaso launched less than a year ago, in October 2020, and
is co-founded by former Zillow executives Austin Allison and Spencer Rascoff,
who also founded Hotwire.
The company says it has doubled its domestic market reach since
its launch and now operates in 25 of the top destinations for second-home ownership,
including Napa, Lake Tahoe, Aspen, Malibu and Miami. Its platform manages
nearly $200 million in real estate.
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Along with continued growth in the United States, Pacaso
says it is launching expansion through Europe, beginning in Spain by the end of
this year.
“The ability to work remotely is transforming how
people think about home. Pacaso is perfectly positioned to support families
looking to own a second home,” says Austin Allison, CEO and co-founder of
Pacaso.
“We continue to grow at an incredible pace, which is a testament to our team,
the resonance of co-ownership, and the company's ability to provide a modern
and more sustainable way to own real estate in second home destinations.”
Pacaso enables consumers to own a fraction of a luxury home, from one-eighth to
one-half. After purchase, Pacaso manages
the home including interior design, repairs, utilities and property management,
with owners splitting those operating costs and also paying a $99 fee per
month.
Owners use Pacaso’s software platform to manage scheduling
their stays. Owners split the operating costs and also pay a $99 monthly fee.
Earlier this month Mexico
City-based Kocomo raised $56 million for a similar concept.