The second domestic market, Packuia, has raised $ 75 million in Series B funding, giving the five-year-old business a north rating of $ 1 billion, the company announced on Wednesday.
Founded by CEO Austin Allison and Zillow founder Spencer Ruskoff, Pacasso has earned over $ 90 million to date. The company specializes in dividing vacation homes between multiple owners, in most cases purchasing them and managing applications with multiple parties. Existing homeowners can access the platform to sell some ownership of their property.
“There are tens of thousands of families who want a second home, but not because of cost factors,” said 35-year-old Allison, who sold her first real estate startup, Dotloop, in 2015 to Zillow. “Or, in some cases, they can buy a second home, but they cannot determine 100% ownership to use only 10% of the time.”
Picasso refused to provide financial figures, including revenue. Instead its press release indicated the number of visitors (500,000) who received its website and the number of potential customers (60,000) who inquired about its services. Kraft Partners has led the cycle with global founding capital. The startup says it has also raised $ 1 billion in debt.
It is difficult to understand such a high regard for a young company. Dana Settil, Craigslist’s corporate partner, admits that valuing fast-growing companies is “confusing”, but “everything” about “Pacquiao” has hit the basics of what we are looking for investment …. Neither do you Large percentage of the market to become a big company. “
Pacaso currently operates in 12 markets and plans to expand further over the next eight months, accelerating growth by using new capital; It charges 12% for the purchase and then 100% monthly fee to the owner.
Ellison emphasized that the business model differs from time-sharing companies, which traditionally sell part ownership in resort properties. “It’s similar to the right to do it yourself, it happens all the time … where some friends or family members decide they want to build a house together,” he said.
He said that Pagasso works various real estate and provides many services as compared to time sharing. “We handle everything from building assets in many cases to forming an LLC to merge a group of co-owners,” he said. “We manage every small detail; we pay every bill, we coordinate the cleaning staff, we communicate with the artisans when things have to be prepared.”
The demand for second homes in Kovit is increasing and many townspeople are particularly keen for more space. Melissa Cohan, managing mortgage banker at William Royce Mortgage, said: “Prices have gone up.” Explosions in places like Hampton and Florida, lots of homes were sold the same day they came on the market and lots of offers. “
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