Portland-based vacation rental management company Vacasa raised $319 million in Series C funding. The latest round of financing was led by Silver Lake Partners with participation from existing investors Riverwood Capital, Level Equity, and NewSpring.
Since its founding in 2009, Vacasa has managed more than 23,000 vacation homes across 18 countries. The company provides end-to-end professional property management services to homeowners. It lists properties on its own website as well as on third-party websites, including Airbnb, Booking.com, and Expedia.
Vacasa has spent years strengthening its market position and increasing its inventory of properties. In 2018, Vacasa entered the real estate side of the business, introducing Vacasa Real Estate, a real estate network that connects vacation property buyers and sellers with qualified local real estate agents across the United States. More recently, Vacasa acquired Wyndham Vacation Rentals for $156M in cash and $10M in equity from Wyndham Destinations, in order to boost supply.
Vacasa plans to use the new funding to further build out its technology platform, expand to new markets and further invest in its various subsidiaries, including Vacasa Real Estate.
“The opportunity that lies ahead of us is enormous, on both the property management and real estate side of the business,” said Eric Breon, founder, and CEO of Vacasa. “We’re seeing an increased number of buyers looking to purchase vacation homes as an investment, with the intent to rent the property. We’re uniquely positioned to assist our homeowners through the entire lifecycle of their vacation home and are dedicated to the continued advancement of our technology to meet the needs of our customers.”
According to Bisnow, Vacasa Real Estate has around 240 of its own brokers and 2,000 contract brokers in 19 U.S. locations, in vacation destinations like Park City, Utah; Myrtle Beach, South Carolina; Maui, Kauai, Oahu and the Big Island in Hawaii.