Pacaso secures $75M in additional funding and becomes a ‘unicorn’
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I’m thrilled to share some exciting news: We have announced $75 million in additional growth funding, which brings our total financing to $90 million. We also secured $1 billion in debt financing to purchase additional homes. Last but not least, we announced “unicorn” status, meaning that we are valued at $1 billion, and have achieved profitability. This funding is important because it enables us to continue to grow Pacaso and help more second home dreamers become buyers in more markets. Our mission — to enrich lives by making second home ownership possible and enjoyable for more people — has resonated with our amazing Pacaso founding owners. It has also sparked the interest of more than 500,000 people who have visited our site since we launched six months ago, and 60,000 aspiring buyers have reached out to Pacaso to learn more about second home co-ownership. I am proud but humbled by the confidence our investors have shown in our mission and team. One remark that stood out to me is from investor Dana Settle of Greycroft: “Pacaso’s business vitals are nothing short of momentous, and we’re excited to be part of the journey. Pacaso is creating a new category that will dramatically change how people approach buying and owning a second home.” I’d like to also give enormous thanks to Sarra Zayani of Global Founders Capital, who led this round with participation from Sukhinder Singh Cassidy and Theresia Gouw of the Acrew Diversify Capital Fund. Additional thanks to First American Financial; Shea Ventures; Jeff Wilke, former CEO of Amazon Worldwide Consumer, and many other notable angel investors who supported us in this round.
Pacaso local real estate partnerships
We would not be where we are today without the support of our local partners. For every home Pacaso engages a variety of local businesses like property managers, landscapers, handymen, and more. We value their expertise in all the markets where we operate. We also work closely with local agents in more than a dozen top second home markets (Napa, Lake Tahoe, Palm Springs, Malibu, Park City and more). We love to hear how the new category of second home co-ownership we are pioneering helps create new solutions for their clients, too.
Nina Tran joins Pacaso as our CFO
To support our expansion, I’m also happy to announce that Nina Tran has joined Pacaso as chief financial officer. Nina has more than 25 years of experience building and leading finance, accounting and people operations teams. Nina took Waypoint Homes public through its merger with Starwood Waypoint and served as its CFO through its sale to Invitation Homes. She also serves as a board director for a public REIT.Interested in joining the Pacaso Crew? We’re hiring, and we’ll be expanding many of our teams throughout the year, so stay tuned!
Study: Second home co-ownership reduces competition for homes, boosts local economies