US-based holiday accommodation rental platform Vacasa received $5m in funding from insurance provider Assurant yesterday to close its series A round at $40m.
Private equity firm Level Equity led the round, having invested $35m in April 2016. The remaining capital came from an undisclosed backer.
Founded in 2009, Vacasa operates a holiday home rental platform that handles the entire process from marketing to maintenance and housekeeping. It lists more than 4,100 properties across the US, Spain, Italy, Chile, Costa Rica and Belize.
The additional funding will help Vacasa accelerate its domestic and international growth as well as allowing it to further develop its technology. The series A round is the first external investment raised by the company, which had previously been bootstrapped.
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.”