The Real Deal New York

This vacation rental platform just raised $64M

Vacasa is eyeing more expansion domestically and abroad
By Meenal Vamburkar | October 18, 2018 04:45PM

Vacasa CEO Eric Breon and a vacation home (Credit: LinkedIn)

A startup that manages over 10,000 vacation rental properties just raised more than $60 million in a funding round.

Vacasa, a vacation rental management company, closed $64 million in a round led by existing investor Riverwood Capital and others, the company said in a statement. That brings its total capital raise to $207.5 million.

Portland, Oregon-based Vacasa launched in 2009 and has grown to overtake Wyndham Vacation Rentals as the largest vacation rental property manager in North America. The new funding will, in part, go toward the company’s domestic and international expansion.

“Vacasa has consistently grown 60 percent year over year, but we’re still only two percent of the market,” CEO and founder Eric Breon said in the statement. “We see this as an opportunity to strengthen our balance sheet while continuing to expand our geographic reach, adding new and unique programs, and investing in our technology platform.”

The company currently manages 10,600 vacation rental properties in 23 U.S. states and 16 countries. Earlier this month, Vacasa acquired Oasis Collections, which runs a marketplace similar to Airbnb but focused on high-end vacation rentals. It also launched Vacasa Real Estate, a network that connects agents with buyers and sellers of vacation properties.

Vacasa’s other investors include Level Equity, NewSpring Capital and Assurant Growth Investing. Level Equity led the company’s $40 million Series A round in 2016. The company announced a Series B of $103.5 million a year ago.

Vacasa is the latest in a series of real estate companies raking in fresh capital. Last month, SoftBank’s Vision Fund invested $400 million in home-flipping company Opendoor. Meanwhile brokerage giant Compass announced a $400 million Series F led by the Vision Fund and Qatar Investment Authority.

On the investor side, Fifth Wall Ventures launched a $400 million real estate technology fund earlier this year. And Corigin Ventures has raised $22 million, with plans to bring in another $27.9 million by the end of the year.