Less than six months after raising $75 million, Pacaso — a real estate platform which aims to help people buy and co-own a second home — announced today that it has raised $125 million at a $1.5 billion valuation.
SoftBank Vision Fund 2 led the Series C funding round for Pacaso, which essentially went from “launch to unicorn” in five months earlier this year and is pronounced like Picasso. New backers Fifth Wall and Gaingels also participated in the financing, along with existing backers Greycroft, Global Founders Capital, Crosscut and 75 & Sunny Ventures. (Sunny Ventures is Pacaso co-founder Spencer Rascoff’s venture firm). With the latest round, Picasso has now raised a total of $215 million in equity funding since its 2020 inception. It also secured $1 billion in debt financing earlier this year.
The fully distributed startup launched its platform in October of last year and already has an annualized revenue run rate of $330 million, according to CEO and co-founder Austin Allison — a feat which quite frankly seems remarkable. The company currently manages nearly $200 million in real estate on its platform, and in the second quarter, its website and mobile app saw a combined 1.8 million visits, up 196% from the first quarter. It’s currently serving owners “in the hundreds.”
Former Zillow executives Allison and Rascoff came up with the concept of Pacaso after leaving Zillow together about two years ago. (Publicly traded Zillow today has a market cap of $24 billion.)
With a unique co-ownership (Read more...)