Congratulations to Pacaso on Another Huge Milestone
Since we led the first round of financing for Pacaso in February 2020, we’ve been thrilled to partner with Austin Allison and Spencer Rascoff in their quest to modernize second home ownership. When we wrote that first check, the company didn’t have a name or any employees. Today, the crew is based in more than 20 states, six time zones and five countries; since January, their distributed team of more than 120 employees has grown over 350%.
From an initial launch date of October 1, 2020, the company has quickly emerged as the leading real estate platform for shared ownership of second homes. Today it announced $125M in Series C funding led by Lydia Jett and her partners at the Softbank Vision Fund. We are all excited to partner with them.
Pacaso was able to identify a consumer need and create a more accessible category of second-home ownership by building a marketplace around co-owning a second home through a property-specific LLC, reducing the cost and hassle of home ownership. They manage the property and use proprietary technology to make scheduling easy — something I can attest to firsthand. Earlier this year, my wife and I purchased a one-eighth share in a Palm Springs Pacaso home and we’ve enjoyed every moment spent soaking up the California sun.
We at Maveron have been continuously inspired by Pacaso’s mission to enrich lives by bringing second home ownership to more people throughout the world. In the last six months, Pacaso has doubled its domestic market reach, now operating in 25 top second home destinations in the U.S. Today, the company also named Spain as the first destination of Pacaso Global. Customer satisfaction in the face of this super fast growth has been amazing to behold.
I wrote in March that Pacaso’s Series B marked the first mile of a marathon for Pacaso; now they’re sprinting into mile two at a pace we could have only dreamed of. Congrats to the entire Pacaso crew on this exciting milestone. Let’s go!
Dan
