Pacaso raises $125 million
Pacaso, a startup offering shared ownership of vacation homes, has reached a $1.5 billion valuation after raising $125 million led by SoftBank Vision Fund 2. New backers Fifth Wall and Gaingels also participated in the financing, along with existing backers Greycroft, Global Founders Capital, Crosscut and 75 & Sunny Ventures.
Founded in 2020, Pacaso aims to make it easier for more people to own a vacation home by allowing them to buy a fraction of it. The startup does this by forming a property-specific LLC that allows to split the ownership with multiple buyers. Buyers pay for their share and Pacaso pays for the rest, eventually selling the other shares to additional owners. It then serves as the owner representative on behalf of the group, handling various logistics such as maintenance, financing, legal, and more.
To date, about 300 families have purchased a one-eighth to one-half share in the properties it manages, which are collectively valued at nearly $200 million. The startup is active in the US and plans to launch in Spain by the end of the year. Additional location on the horizon include Mexico, the Caribbean, France, Italy and the U.K.