Pacaso, a proptech business that debuted less than a year ago, has secured $125 million in its Series C financing round.
Pacaso assists people in locating and purchasing co-owned second homes. Co-ownership opportunities are available in prominent second-home destinations such as Arizona, Colorado, Lake Tahoe, etc.
The company's worth has increased to $1.5 billion due to the Series C round, which will help with the firm's worldwide expansion to Spain.
Pacaso's total finance raised now stands at 215 million dollars. The round was anchored by Softbank Vision Fund 2. 75 & Sunny Ventures, Crosscut, and Greycroft two more were among the previous shareholders in the round.
Pacaso generates 330 million dollars annually and administers almost 200 million dollars in property investment on its platform. The site and smartphone application received 1.8 million views in Q2, up 196 percent from Q1 2021.
As per CEO Allison, Pacaso will put the new funds in use for expansion and development. In addition, the firm has announced that it will begin expanding into Europe in Spain before the close of 2021.
The company is aggressively hiring a committed local team to assist global operations and intends to grow into other European marketplaces quickly. The firm appointed Razor Suleman as its Global's President in June.
Since its debut, Pacaso has witnessed unprecedented growth. In January, the company's permanently dispersed staff of over 120 employees had grown by 364 percent. The crew has been working remotely, with individuals stationed in over 20 provinces, six different time zones, and five nations. Pacaso was also placed #10 on Fortune's 100 best Small Workspaces category.
SoftBank's Lydia Jett says Pacaso has created a service that makes second-home possession more enjoyable and accessible. It also eases the cost of vacant dwelling units and raises second-home landlords' economic benefit to communities across the country.
She expressed her delight to work with Pacaso on a long-term basis and to promote the firm's aim of bringing second property ownership to further people across the globe.
Fifth Wall's Dan Wenhold also gave his statement regarding the new round. He says that he and his team are pleased by the power of the Pacaso team, and the pace home purchasers are accepting the notion of co-ownership.
He and his group are excited to support Pacaso as it trailblazers a new type of home buying in the United States and worldwide.
Pacaso brings co-ownership into the 21st century by designing a market that makes purchasing, possessing, and auctioning a deluxe second home simple. It presents the advantages of having a second home with much less fuss, from compiling the best classifieds in leading second home marketplaces to offering integrated funding and revenues. Following the acquisition, Pacaso maintains the property and works with a qualified real estate professional to ensure a smooth resale.
Retired Zillow managers Austin Allison & Spencer Rascoff were the co-founders of Pacaso.
In March, Pacaso raised 75 million dollars, becoming the fastest US firm to achieve a Unicorn valuation of 1 billion dollars.
The business intends to grow into other Euro nations, Mexico, as well as the Caribbean in the coming year.