Telecommunications and internet group SoftBank’s Vision Fund 2 led a $125m series C round yesterday for Pacaso, a US-based real estate platform developer for second homes, at a valuation of $1.5bn.
Greycroft, Global Founders Capital, Crosscut and 75 & Sunny Ventures all returned from previous rounds and were joined by Fifth Wall and Gaingels.
Pacaso’s online platform lists second homes on a co-ownership basis, providing additional property management, financing and interior design services.
The company operates in 25 destinations and plans to kick off its expansion into Europe by the end of this year, setting its sights on Spain before expanding elsewhere on the continent.
Real estate insurance provider First American Financial and construction firm JF Shea’s corporate venturing unit, Shea Ventures, took part in Pacaso’s $75m series B round, in March 2021.
The round was co-led by Global Founders Capital and Greycroft at a $1bn valuation and included Acrew Diversify Capital Fund and private investors including Jeff Wilke.
The company’s $17m series A round was led by Maveron when it launched in October 2020 and also featured Global Founders Capital Crosscut Ventures and assorted individuals.
Pacaso also raised $250m in debt financing alongside the series A round, following it with another $1bn in debt when the series B rolled around.
Austin Allison, co-founder and chief executive of Pacaso, said: “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.
“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.”
