Los Angeles, California, US based start-up Pacaso has secured USD 75 Million on 24th of March, 2021 in a Series B funding round led by Greycroft and Global Founders Capital. The company has raised a total of USD 1.3 Billion in funding over 4 rounds.
Investors: The acquisition of USD 75 Million took place in a Series B funding round led by Greycroft and Global Founders Capital along with some other investors like Fortress Investment Group, First Republic Bank, Acrew Capital, Shea Ventures and First American.
What the funding is for: The company took the last fundings of USD 17 Million on October 1, 2020 in Series A funding round. According to the sources, the company is planning to offer homes in a broader price range, including homes with lower price tags and expand their reach globally.
Founders of the company: Austin Allison and Spencer Rascoff
Founding year: 2020
Legal Name: Landholding.Inc
About the company: Pacaso is a privately held proptech organization that modernizes the generation old practice of Co- owning a second home. It holds a brokerage license in more than a dozen top second home markets like Napa, Palm Springs, Lake Tahoe and Park City.
The company operates under the marketplace, property management and real estate industries. Pacaso aims to bring together a small group of Co- owners to purchase a share of a single-family home and “enjoy ongoing access throughout the year.” Their headquarters are established in the Greater Los Angeles Area, West Coast, Western US. They have a work strength of 51- 100 employees.
What the CEO has to say:
“We realised that owning a second home had been a very impactful luxury in both of our lives. We are both fortunate enough to have second homes, and it made a huge difference to us and our friends and family.”
“Pacaso is growing incredibly quickly, faster than anything I have never been a part of, And the reason that it’s growing so quickly is because consumers love the concept, and they love the idea of being able to own a second home at a much less expensive price metric.”
“What we set out to do was to try to democratize access to second homeownership so that it can be something that is not just a luxury available to the 1%, but hopefully it can be available to many ten of millions of other people around the world.” — Spencer Rascoff, CEO of the company.
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