Pacaso, the company democratizing second home ownership, has announced $75 million in additional growth funding, bringing the company’s total equity financing to more than $90 million.
In addition, the company has secured $1 billion in debt financing from financial institutions.
“Pacaso, which launched in October 2020, has achieved unicorn status (valuation of $1 billion) faster than any other U.S. company(i). The company has achieved sustained EBITDA profitability in Q1, with a path to sustained long-term profitability,” as informed by a statement made by the company.
This round was led by top venture capital leaders 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. Additional participants include First American Financial; Shea Ventures; Jeff Wilke, former CEO of Amazon Worldwide Consumer, and other notable angel investors.
The company will use the new capital to expand into more markets.
“Pacaso is lightning in a bottle,” said CEO and Co-founder Austin Allison. “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’s business vitals are nothing short of momentous and we’re excited to be part of the journey,” said Greycroft’s Settle. “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.”
“Throughout my career as a founder and tech investor, I have experienced tremendous growth and innovation among startups, but none compare to Pacaso,” said Pacaso Co-founder and Chairman Spencer Rascoff. “The opportunity in front of Pacaso is massive and I’m excited to help the company achieve its full potential.”
Pacaso was founded by former Zillow executives Austin Allison and Spencer Rascoff. The company received Series A funding from Maveron, Crosscut and Global Founders Capital.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.