US-based vacation home rental platform Vacasa raised $64m in funding on Thursday from backers including Assurant Growth Investing (AGI), the corporate venturing arm of insurance provider Assurant.
Private equity firm Riverwood Capital led the round, which also featured growth equity firm Level Equity and venture capital and private equity firm NewSpring.
Founded in 2009, Vacasa operates a holiday home rental platform that lists more than 10,600 properties across 23 US states and 16 countries. Vacasa manages the entire rental process, from marketing to housekeeping.
The company has also launched an online marketplace connecting sellers and buyers of holiday properties, and acquired short-term holiday property booking service Oasis Collections earlier this month.
The additional capital will drive US and international expansion efforts, support staff recruitment and allow Vacasa to further develop its technology.
The latest funding constituted an extension to Vacasa’s series B round according to news publication Skift, though the company has not provided confirmation.
AGI had previously backed a $104m series B round for the company in October 2017 that was led by Riverwood and backed by Level Equity and NewSpring.
Vacasa closed a $40m series A round raised over two tranches in 2016 after Assurant added $5m in November to a $35m first close led by Level Equity, with a commitment from an undisclosed investor, in April.
Jeff Flynn, director of growth investing at Assurant, said: “Our strategic growth investment in Vacasa is a testament to our belief in the attractiveness of the large and rapidly growing vacation rental market, as well as our confidence in the Vacasa team to continue to execute on its vision.”
