- Vacasa, one of the largest vacation rental management platforms, announced it has raised $108 million in funding led by Silver Lake
Vacasa, one of the largest vacation rental management platforms, announced it has raised $108 million in funding. This round of funding was led by existing investor Silver Lake with participation from other existing investors including Riverwood Capital and Level Equity.
Vacasa has seen strong recovery as the stay-at-home restrictions lift and popular vacation destinations reopen. And recent data from the company reveals a substantial increase in daily reservations in more cities along with a reduced booking window between the time a guest books their vacation and the date of their expected vacation.
The guest reservations booked in May were six times those booked in April, which indicates an increased interest in leisure travel. And during the height of the crisis, Vacasa had guest bookings in only 357 U.S. cities (this has increased to 723 U.S. cities). In April, Vacasa saw the booking window peak at 142 days thus signaling that guests were booking trips further out. And since mid-May Vacasa’s booking window is back down to 40 days, which is in line with the 2019 averages.
Since being founded in 2009, Vacasa’s professional team of housekeepers have serviced and cleaned homes with a set of consistently high standards. And the company recently launched Vacasa Premium Clean — which is a new program that meets or exceeds all currently published CDC recommendations and follows Vacation Rental Management Association’s SafeHome guidance.
“Like many companies in the travel sector, Vacasa experienced challenges as the COVID-19 pandemic took hold. We are incredibly fortunate for the continued support of our investors. As we begin to emerge from this global crisis with an infusion of capital, we are in a very strong financial position to capture consumer demand. We believe there will be a preference shift from hotels to professionally managed vacation rentals as privacy and cleanliness rise to be top priorities for travelers.”
– Matt Roberts, CEO of Vacasa
“We are excited to continue our partnership with Vacasa, which has spent the past decade delivering exceptional experiences to its guests and strong financial returns to its homeowners. We believe in the team, the business model and the customers and communities Vacasa serves, and that this investment enables the company to continue to innovate and to maintain its strong growth trajectory.”
– Joerg Adams, managing director at Silver Lake