PORTLAND, OR, Vacasa, the largest vacation rental management company in North America, today announced closing $64 million in additional funding.
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The round was led by existing investor Riverwood Capital with participation from other current investors Level Equity, NewSpring and Assurant Growth Investing.
"We are increasingly bullish on Vacasa's ability to capitalize on the $32 billion market opportunity that exists within the vacation rental industry," said Jeff Parks, managing partner at Riverwood Capital. "Vacasa has exceeded every key business metric since our first investment just over a year ago. Unit economics, customer retention, geographic footprint, homeowner and guest satisfaction, and both organic and acquisitive growth are on an accelerated trajectory."
Parks continued, "This additional round will continue to fuel Vacasa's domestic and international expansion while helping the company build the world-class team and technology to maintain its industry leadership position."
Founded in 2009, Vacasa recently overtook Wyndham Vacation Rentals as the largest vacation rental property manager in North America. The company manages 10,600 vacation rental properties in 23 U.S. states and 16 countries within Europe, South and Central America, and Africa. In July, the company launched Vacasa Real Estate, a network connecting buyers and sellers of vacation properties. It also recently completed the strategic purchase of assets from Oasis Collections, a home-sharing company previously backed by Hyatt, with properties in popular international travel destinations.
"Vacasa has consistently grown 60 percent year over year, but we're still only two percent of the market," said CEO and founder Eric Breon. "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."
After bootstrapping for six years, Vacasa announced its first round of outside capital in 2016: $40 million Series A funding led by Level Equity. In October 2017, Vacasa announced a Series B of $103.5 million. Today, Vacasa is the most well capitalized company in the vacation rental industry.
Vacasa LLC is the largest vacation rental management company in North America. Leveraging industry-leading technology, Vacasa maximizes revenue for homeowners and provides unforgettable experiences for guests. Founded in 2009 and headquartered in Portland, Oregon, Vacasa and its subsidiaries manage a growing portfolio of more than 10,600 vacation homes in the U.S., Europe, South and Central America, and Africa. In nine years, Vacasa has grown to more than 2,500 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 www.vacasa.com.