Pacaso, a San Francisco, CA-based second home ownership company, raised $75m in growth funding, bringing total equity financing to more than $90m.
The round was led by Greycroft and Global Founders Capital, with participation from the Acrew Diversify Capital Fund, First American Financial, Shea Ventures, Jeff Wilke, and other angel investors. In addition, the company has secured $1 billion in debt financing from leading financial institutions and achieved a valuation of $1 billion.
The company will use the new capital to expand into more markets.
Led by CEO and Co-founder Austin Allison and Co-founder and Chairman Spencer Rascoff, Pacaso provides a marketplace for buying, owning and selling a second home, managing the different phases of the processes, from curating the best listings in top second home markets to offering integrated financing, upscale interior design, professional property management and proprietary technology to make scheduling stays simple. After purchase, the company manages the home on an ongoing basis and supports the resale process in partnership with a licensed real estate professional.
Pacaso partners with local real estate agents and holds a brokerage license in more than a dozen top second home markets such as Napa, Lake Tahoe, Palm Springs, Malibu, Park City and more.
To support rapid expansion, the company has hired Nina Tran as Chief Financial Officer.