PORTLAND, OR, Vacasa, a leading vacation rental management company, today announced the closing of a $103.5 million Series B, marking the largest funding round to date in the industry.
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The financing was led by Riverwood Capital and joined by existing Vacasa investors - Level Equity and Assurant Growth Investing - in addition to new investor, NewSpring.
Founded in 2009, Vacasa has grown rapidly, managing vacation rental properties in 17 U.S. states, Europe, South and Central America, and South Africa. The company offers homeowners full-service property management and superior financial returns, while providing guests with consistent world-class experiences. After bootstrapping for six years, Vacasa announced its first round of outside capital in 2016: $40 million Series A funding led by Level Equity, with an initial close in 2015.
"It is exceptionally rare to see a business of this scale growing this quickly," said Ben Levin, co-founder and co-CEO of Level Equity. "Vacasa has almost tripled its revenue and unit count in the year and a half since we invested while significantly increasing their geographic and technology footprint, as well as growing their senior executive team and brand."
With this new round of funding, Vacasa remains focused on becoming the largest U.S. vacation rental management company, expanding its portfolio into new destinations. The funding will also fuel Vacasa's continued development of its core technology platform that optimizes every step of the vacation rental process for homeowners and guests.
In making the announcement, Eric Breon, Vacasa's co-founder and CEO said, "The vacation rental market opportunity is enormous and we've only just scraped the surface. At Vacasa, our mission is to be the most trusted vacation rental company. This investment allows us to bring our offering to more markets and provide our homeowners and guests unparalleled service."
Jeff Parks, founding partner at Riverwood Capital and the newest member of Vacasa's Board of Directors, said, "Travelers globally have continued to show increasing demand for vacation rentals. Vacasa delivers a solution that drives significant value to both homeowners seeking to rent, and guests seeking to stay in a vacation rental. We are excited to be partnering with the Vacasa team as they continue to aggressively invest in new technology and bring their offering to new markets."
Marc Lederman, co-founder and general partner at NewSpring added, "We are thrilled to partner with the Vacasa management team and the investor syndicate. We believe that Vacasa is well positioned to not only continue, but to accelerate its impressive growth rate in this exciting market."
Since its founding, Vacasa has grown to over 1,600 employees worldwide. In support of the company's exciting growth plans, Vacasa plans to hire 100+ full-time roles over the next 12 months, including software engineers in Boise, Portland, and Santiago; business development and marketing professionals; and field-based roles in vacation rental destinations around the world.
Read about how Vacasa plans to grow after its Series B funding in this company blog post.
Vacasa is one of the largest U.S. full service vacation rental companies. Leveraging industry-leading technology, Vacasa drives revenue for homeowners and provides unforgettable experiences for guests. Founded in 2009 and based in Portland, Oregon, Vacasa manages a growing portfolio of more than 6,000 vacation homes in the U.S.; Europe; Central and South America; and South Africa. In eight years, Vacasa has grown from two to more than 1,600 employees, has been honored as the Oregon Better Business Bureau Large Business of the Year and was ranked ninth on the Inc. 5000 Fastest-Growing Companies list. For more information, visit https://www.vacasa.com/.