PORTLAND, OR—Vacasa, a vacation rental management platform, has revealed a $319-million strategic investment round led by Silver Lake, a global leader in technology investing. Existing investors Riverwood Capital, Level Equity and NewSpring also participated in the capital raise.
Vacasa’s integrated technology and services platform provides end-to-end vacation rental property management solutions to homeowners across the globe. The company’s dynamic pricing and multi-channel distribution capabilities help homeowners that switch to Vacasa earn 31% more income on average in their first year, according to the company. Guests who stay in Vacasa-managed homes have access to local on-site management, professionally cleaned homes, a mobile app and a dedicated 24/7 guest services team. Vacasa manages more than 23,000 vacation homes and has hosted more than 20 million guest nights since its founding in 2009.
“Vacasa has spent the past decade bringing innovation to the $100-billion global vacation rental industry,” said Joerg Adams, managing director at Silver Lake. “We believe Vacasa, with its differentiated technology platform that’s already the market leader in North America, has the potential to become a global brand that stands for superior financial returns for homeowners and exceptional experiences for guests.”
With this new financing, Vacasa plans to further enhance its technology platform, accelerate expansion into new markets and grow new offerings, including Vacasa Real Estate, which has evolved from an agent network into a robust service model that includes brokerages in key vacation rental markets throughout the country.
“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 continued advancement of our technology to meet the needs of our customers.”
“Vacasa’s revenue has grown almost sevenfold since our Series A investment nearly four years ago and we expect growth to accelerate in 2020,” said Ben Levin, founder and partner of Level Equity.
J.P. Morgan acted as sole placement agent, and Wilson, Sonsini, Goodrich & Rosati served as legal advisor to Vacasa. Ropes & Gray LLP served as legal advisor to Silver Lake.