Pacaso, a proptech startup that helps people buy and co-own a luxurious second home, announced today it is expanding to the Miami-Fort Lauderdale market, one of the nation’s hottest vacation-home destinations.
The Miami expansion news comes just two days after the company announced it raised $125 million, at a $1.5 billion valuation, in a Series C round led by SoftBank Vision Fund 2. With the latest round, Pacaso has now raised a total of $215 million in equity funding since its launch less than one year ago.
Founded by former Zillow executives Austin Allison and Spencer Rascoff, Pacaso’s platform makes second-home co-ownership turnkey. Pacaso buys luxury homes – either the entire home or shares in a home – and renovates and furnishes them. Then it partners with real estate agents to find up to eight owners to buy ownership shares in each property. Pacaso manages the properties and the co-ownership process between the owners, who may not even know each other.
“Pacaso buyer demand for homes in Miami and Fort Lauderdale has been incredibly strong, and it’s clear that our model, which helps to create new inventory in a tight market, is an ideal fit for South Florida,” said Allison, Pacaso’s CEO. “So far, we have hired almost a dozen employees in South Florida and we’ll be doubling down on local hiring in Q3 and 4.”
For its newest market, Pacaso has hired a seasoned team of industry leaders including Sara Anissipour as Vice President of Sales to support revenue and market expansion. But don’t look for a physical office in the Magic City, Allison said. “Pacaso is a fully distributed team. The team of more than 120 employees across 20 states has grown 364% since January 2021.”
The company has doubled its domestic market reach and now operates in 25 top second home destinations, including Napa, Aspen, Malibu, and now Miami. It recently announced its first international market too – Spain. Pacaso has an annualized revenue run rate of $330 million and manages nearly $200 million in real estate on its platform. In Q2, the website and mobile app saw 1.8 million website visits, a 196% increase from Q1 2021, the company said.
“Pacaso provides a truly innovative approach to second home ownership,” said Miami Mayor Francis Suarez, in a statement. “Pacaso owners invest in the community for the long-term, and I appreciate how Pacaso helps make more efficient use of homes. As Miami continues to attract tech talent and investment from around the world, along with demand for housing options. I’m pleased to see innovative companies like Pacaso look to Miami as an early expansion market.”
Photo at top of post: A Pacaso listing for a Bal Harbor property.
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