SAN FRANCISCO — Pacaso, a new service that provides fractional ownership of a second home, has launched this week. Pacaso’s chairman is Zillow co-founder and former CEO Spencer Rascoff; its CEO is dotloop founder and former Zillow executive Austin Allison.
Pacaso has raised $17 million in Series A funding, with Maveron leading the round and additional investment from Crosscut and Global Founders Capital. Among the individual investors are former Starbucks CEO and chairman emeritus Howard Schultz; leading real estate coach Tom Ferry; former Zillow President of Media and Marketplaces Greg Schwartz; and Amazon CEO of Consumer Worldwide Jeff Wilke. Pacaso has also secured $250 million in debt financing to purchase shares of homes.
With Pacaso, it sets up ownership in the home via an LLC and owns half the home. Users can purchase between 1/8 to 1/2 ownership in the LLC. Pacaso then brings together vetted buyers to co-own with you. The service is available in 25 markets in 10 states
Pacaso handles everything with managing the home – from interior design and home repairs, to bill pay and local property management. Owners use the Pacaso mobile app to make scheduling easy and equitable.