Softbank Leads $125 Million Round in Pacaso

<p><strong><span class&equals;"xn-location">SAN FRANCISCO<&sol;span><&sol;strong> &&num;8212&semi; <u>Pacaso<&sol;u>&comma; a real estate service that helps people buy and co-own a second home&comma; announced <span class&equals;"xn-money">&dollar;125 million<&sol;span> in Series C funding led by SoftBank Vision Fund 2&comma; bringing the company&&num;8217&semi;s valuation to <span class&equals;"xn-money">&dollar;1&period;5 billion<&sol;span> and total equity funding to more than <span class&equals;"xn-money">&dollar;215 million<&sol;span>&period;<&sol;p>&NewLine;<p>Additional funding was provided by Fifth Wall and Gaingels&period; The round also included participation from prior investors Greycroft&comma; Global Founders Capital&comma; Crosscut&comma; and 75 &amp&semi; Sunny Ventures&period;<&sol;p>&NewLine;<p>Pacaso says it has doubled its domestic markets and now operates in 25 top second home destinations&comma; including <span class&equals;"xn-location">Napa<&sol;span>&comma; Lake Tahoe&comma; <span class&equals;"xn-location">Aspen<&sol;span>&comma; <span class&equals;"xn-location">Malibu<&sol;span>&comma; <span class&equals;"xn-location">Miami<&sol;span>&comma; and <span class&equals;"xn-location">Vail<&sol;span>&period; Pacaso has an annualized revenue run rate of <span class&equals;"xn-money">&dollar;330 million<&sol;span> and manages nearly <span class&equals;"xn-money">&dollar;200 million<&sol;span> in real estate on its platform&period; In Q2&comma; the website and mobile app saw 1&period;8 million website visits&comma; a 196&percnt; increase from Q1 2021&period;<&sol;p>&NewLine;<p>Additionally&comma; the company is announcing that it will commence <u>European expansion in <span class&equals;"xn-location">Spain<&sol;span><&sol;u> by the end of the year&period; The company is actively recruiting a dedicated local team to support global efforts&comma; and plans to expand swiftly into other European markets&period; In June&comma; Pacaso added Razor Suleman as President of Pacaso Global&period;<&sol;p>&NewLine;<p>&&num;8220&semi;The ability to work remotely is transforming how people think about home&period; Pacaso is perfectly positioned to support families looking to own a second home&comma;&&num;8221&semi; said <span class&equals;"xn-person">Austin Allison<&sol;span>&comma; CEO and co-founder of Pacaso&period; &&num;8220&semi;We continue to grow at an incredible pace&comma; which is a testament to our team&comma; the resonance of co-ownership&comma; and the company&&num;8217&semi;s ability to provide a modern and more sustainable way to own real estate in second home destinations&period;&&num;8221&semi;<&sol;p>&NewLine;<p>Pacaso has experienced record-setting growth since launching in <span class&equals;"xn-chron">October 2020<&sol;span>&period; Pacaso&&num;8217&semi;s permanently distributed workforce of more than 120 employees has increased 364&percnt; since <span class&equals;"xn-chron">January 2021<&sol;span>&period; The team has worked remotely from day one with crew members based in more than 20 states&comma; six time zones and five countries&period; Additionally&comma; Pacaso was ranked &num;10 on the Fortune Top 100 Small Workplaces list for 2021 and is Great Places to Work certified&period;<&sol;p>&NewLine;<p>&&num;8220&semi;Pacaso has pioneered an offering that brings more joy and accessibility to second home ownership&comma; while reducing the burden of empty housing stock and increasing the economic contribution of second home owners to towns across America&&num;8221&semi; said <span class&equals;"xn-person">Lydia Jett<&sol;span>&comma; Partner at SoftBank Investment Advisers&period; &&num;8220&semi;We&&num;8217&semi;re excited to be long-term partners to Pacaso and support the company&&num;8217&semi;s mission to bring second home ownership to more people around the world&period;&&num;8221&semi;<&sol;p>&NewLine;<p>&&num;8220&semi;As the leading venture capital firm focused on investing in real estate disruptors&comma; we have been impressed by the strength of the Pacaso team&comma; the way that homebuyers are embracing the innovative concept of co-ownership&comma; and the growth of the company in a short period of time&comma;&&num;8221&semi; said Fifth Wall Partner Dan Wenhold&period; &&num;8220&semi;We are thrilled to invest in Pacaso as it pioneers a new category of homeownership in the U&period;S&period; and around the world&period;&&num;8221&semi;<&sol;p>&NewLine;