Total amount raised
$1.5 Billions
Latest funding date
Location
Pacaso has successfully raised significant funding through multiple rounds, including a Series C, to support its innovative platform for luxury vacation home co-ownership. The company offers a modern approach to co-owning a second home, integrating professional management and technology to streamline the process.
Keep reading to explore the intricacies of Pacaso's fundraising journey and the investors backing this unique platform.
What Is Pacaso?
Pacaso, founded in October 2020 by Austin Allison and Spencer Rascoff, is a proptech company based in San Francisco, California. The company modernizes the practice of co-owning a second home by creating a marketplace that simplifies buying and selling.
Pacaso integrates professional management and technology to streamline the co-ownership process, making it seamless and simple for buyers. They help set up a professionally managed LLC for co-ownership and manage the property, with owners using Pacaso’s mobile app for scheduling.
With a team of 101-250 employees, Pacaso offers a curated portfolio of elite vacation homes, focusing on interior design, art selection, home amenities, and estate management. The company aims to provide a hassle-free experience for high-net-worth families looking to co-own luxury vacation homes.
How Much Funding Has Pacaso Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: October 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial funding to launch the platform and develop the co-ownership model.
- Series A
- Amount Raised: $17M
- Date: October 1, 2020
- Lead Investors: Maveron
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand the portfolio of luxury vacation homes.
- Debt Financing
- Amount Raised: $250M
- Date: October 1, 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide financing options for co-owners and support property acquisitions.
- Series B
- Amount Raised: $75M
- Date: March 24, 2021
- Lead Investors: Global Founders Capital, Greycroft
- Valuation at Round: $1B
- Motivation Behind the Round: To accelerate growth and expand into new markets.
- Debt Financing
- Amount Raised: $1B
- Date: March 24, 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support large-scale property acquisitions and financing for co-owners.
- Series C
- Amount Raised: $125M
- Date: September 14, 2021
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: $1.5B
- Motivation Behind the Round: To expand internationally, starting with Europe, and enhance the platform's technology.
Total Amount Raised: $1.467B. Current Valuation: $1.5B.
Key Investors
- SoftBank Vision Fund 2
- Details: Managed by SoftBank Group, this venture capital fund focuses on large-scale investments in technology-driven companies.
- Investment Focus Areas: Technology, AI, robotics, telecommunications.
- Notable Investments: Uber, WeWork, DoorDash.
- Global Founders Capital
- Details: A global venture capital firm investing in technology companies at various stages.
- Investment Focus Areas: Internet, software, technology-enabled services.
- Notable Investments: Facebook, LinkedIn, Slack.
- Greycroft
- Details: A venture capital firm that invests in early and growth-stage technology companies.
- Investment Focus Areas: Internet, mobile technology, media, fintech.
- Notable Investments: Venmo, The RealReal, Scopely.
- Fifth Wall
- Details: A venture capital firm specializing in real estate technology.
- Investment Focus Areas: Real estate technology, sustainability, infrastructure.
- Notable Investments: Opendoor, Blend, Hippo Insurance.
- Gaingels
- Details: An investment network supporting companies with diverse leadership.
- Investment Focus Areas: Diverse and inclusive companies across various sectors.
- Notable Investments: Carta, MasterClass, Bolt.
What's Next for Pacaso?
Pacaso's future looks promising as it eyes expansion into the European market, starting with Spain. This move could significantly increase its market presence and tap into the growing demand for fractional ownership of luxury vacation homes. The company's innovative model and recent $125 million funding round, led by SoftBank Vision Fund 2, underscore the vast potential for growth in this sector.
As Pacaso continues to scale, future fundraising opportunities seem likely, especially given the strong investor confidence demonstrated in previous rounds. However, the company may face challenges such as navigating regulatory environments in new markets and competing with other real estate technology startups. Despite these hurdles, Pacaso's strategic approach and robust backing position it well for continued success and potential future acquisitions.
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