SAN FRANCISCO — Pacaso, a real estate service that helps people buy and co-own a second home, announced $125 million in Series C funding led by SoftBank Vision Fund 2, bringing the company’s valuation to $1.5 billion and total equity funding to more than $215 million.
Additional funding was provided by Fifth Wall and Gaingels. The round also included participation from prior investors Greycroft, Global Founders Capital, Crosscut, and 75 & Sunny Ventures.
Pacaso says it has doubled its domestic markets and now operates in 25 top second home destinations, including Napa, Lake Tahoe, Aspen, Malibu, Miami, and Vail. Pacaso has an annualized revenue run rate of $330 million and manages nearly $200 million in real estate on its platform. In Q2, the website and mobile app saw 1.8 million website visits, a 196% increase from Q1 2021.
Additionally, the company is announcing that it will commence European expansion in Spain by the end of the year. The company is actively recruiting a dedicated local team to support global efforts, and plans to expand swiftly into other European markets. In June, Pacaso added Razor Suleman as President of Pacaso Global.
“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,” said Austin Allison, CEO and co-founder of Pacaso. “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.”
Pacaso has experienced record-setting growth since launching in October 2020. Pacaso’s permanently distributed workforce of more than 120 employees has increased 364% since January 2021. The team has worked remotely from day one with crew members based in more than 20 states, six time zones and five countries. Additionally, Pacaso was ranked #10 on the Fortune Top 100 Small Workplaces list for 2021 and is Great Places to Work certified.
“Pacaso has pioneered an offering that brings more joy and accessibility to second home ownership, while reducing the burden of empty housing stock and increasing the economic contribution of second home owners to towns across America” said Lydia Jett, Partner at SoftBank Investment Advisers. “We’re excited to be long-term partners to Pacaso and support the company’s mission to bring second home ownership to more people around the world.”
“As the leading venture capital firm focused on investing in real estate disruptors, we have been impressed by the strength of the Pacaso team, the way that homebuyers are embracing the innovative concept of co-ownership, and the growth of the company in a short period of time,” said Fifth Wall Partner Dan Wenhold. “We are thrilled to invest in Pacaso as it pioneers a new category of homeownership in the U.S. and around the world.”