Pacaso Raises $75 Million Funding To Democratize Second Home Ownership

By Noah Long ● April 10, 2021
  • Pacaso recently announced $75 million in additional growth funding. These are the details.

Pacaso — a company that is democratizing second home ownership — recently announced $75 million in additional growth funding, which brings the company’s total equity financing to more than $90 million. Plus the company has secured $1 billion in debt financing from leading financial institutions.

The company had launched in October 2020 and reportedly achieved unicorn status faster than any other U.S. company. Plus the company achieved sustained EBITDA profitability in Q1 with a path to sustained long-term profitability.

This funding round was led by Dana Settle of Greycroft and Sarra Zayani of Global Founders Capital with participation from Sukhinder Singh Cassidy and Theresia Gouw of the Acrew Diversify Capital Fund. And additional participants include First American Financial; Shea Ventures; Jeff Wilke, former CEO of Amazon Worldwide Consumer, and several other notable angel investors. Pacaso plans to use the new capital to expand into more markets.

In order to support rapid expansion, Pacaso has hired Nina Tran as Chief Financial Officer. Tran has more than 25 years of experience building and leading finance, accounting and people operations teams. And Tran took Waypoint Homes public through its merger with Starwood Waypoint and served as its CFO through its sale to Invitation Homes. Plus she also serves as a board director for a public REIT.

Since launching, over 500,000 people have visited the website and 60,000 aspiring buyers have engaged Pacaso to learn more about second home co-ownership. And Pacaso partners with local real estate agents and holds a brokerage license in more than a dozen top second-home markets such as Napa, Lake Tahoe, Palm Springs, Malibu, Park City, and more. Buyers can view curated listings on Pacaso’s website. This includes active Pacaso listings and Pacaso Preview homes under consideration for purchase based on buyer demand.

Pacaso was founded by former Zillow executives Austin Allison and Spencer Rascoff.

KEY QUOTES:

“Pacaso is lightning in a bottle. Our mission to democratize second home ownership has resonated with people looking for a refuge, a place where they can gather with friends and family. Pacaso’s innovative co-ownership model is helping many people now realize their dream of owning a second home.”

— Pacaso CEO and Co-founder Austin Allison

“Pacaso’s business vitals are nothing short of momentous and we’re excited to be part of the journey. As the demand for second home ownership increases, gone are the days of these homes sitting empty for most of the year with little benefit to the owner. Pacaso is creating a new category that will dramatically change how people approach buying and owning a second home.”

— Greycroft’s Dana Settle

“Throughout my career as a founder and tech investor, I have experienced tremendous growth and innovation among startups, but none compare to Pacaso. The opportunity in front of Pacaso is massive and I’m excited to help the company achieve its full potential.”

— Pacaso Co-founder and Chairman Spencer Rascoff