Pacaso, the US-based developer of an online marketplace for second homes, received $75m yesterday from investors including homebuyers insurance provider First American Financial and Shea Ventures, a subsidiary of homebuilder JF Shea.
The round was co-led by Greycroft and Global Founders Capital and also featured Acrew Diversify Capital Fund and private investors including Jeff Wilke. The equity funding valued Pacaso at $1bn and was secured alongside $1bn in debt financing.
Pacaso operates an online platform that curates listings of second homes in addition to providing financing, property management and interior design services, utilising a co-ownership model. It launched in October 2020 and claims it has reached a $1bn valuation more quickly than any other US-based company.
Maveron led a $17m series A round disclosed at the company’s launch, investing together with Global Founders Capital, Crosscut Ventures and angel investors including Wilke, Howard Schultz, Tom Ferry and Greg Schwartz. The series A round came with $250m in debt financing.
Austin Allison, co-founder and CEO of Pacaso, said: “Our mission to democratise 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 realise their dream of owning a second home.”
