Pacaso, a San Francisco, CA-based real estate platform for people to buy and co-own a second home, raised $125m in Series C funding, bringing valuation to $1.5 billion and total equity funding to more than $215m.
The round was led by SoftBank Vision Fund 2 with participation from Fifth Wall and Gaingels, and prior investors Greycroft, Global Founders Capital, Crosscut, and 75 & Sunny Ventures.
Co-founded by former Zillow executives Austin Allison and Spencer Rascoff, Pacaso is a marketplace for buying, owning, and selling a luxury second home curating listings in top second home markets, offering integrated financing and sales from as little as ⅛ to as much as ½ ownership; upscaling interior design; and professional property management. After purchase, Pacaso manages the home on an ongoing basis and supports the resale process in partnership with a licensed real estate professional.
The company, which has a distributed workforce of more than 120 employees based in more than 20 states, now operates in 25 top second home destinations, including Napa, Lake Tahoe, Aspen, Malibu, Miami, and Vail.
Additionally, Pacaso is announcing that it will commence European expansion in Spain by the end of the year. The company is actively recruiting a dedicated local team to support global efforts, and plans to expand swiftly into other European markets. In June, Pacaso added Razor Suleman as President of Pacaso Global.