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Proptech startup has raised $125 million in a Series C round less than a year after the company launched.

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Pacaso helps people find and buy second homes that they co-own with others. Buyers are able to co-own places in popular second-home locations like Lake Tahoe, Breckenridge, Colorado, and Scottsdale, Arizona.

The Series C round brings the company鈥檚 valuation to $1.5 billion and comes as Pacaso marks its international expansion into Spain.

Pacaso, which was founded by alumni and , launched in October 2020 and reached a $1 billion valuation less than a year later with its $75 million Series B in March 2021. As Crunchbase News has reported, it is one of several funded startups founded by former Zillow employees and executive.

The Series C brings Pacaso’s total funding raised to $215 million.

The company鈥檚 mission is to make second-home ownership more accessible through co-ownership. About 65 percent of Pacaso鈥檚 customers are first-time second-home owners.

Second homes are underutilized assets, and a home sitting empty isn鈥檛 good for the economy or the environment, said CEO Allison. It means less housing supply, fewer people supporting local businesses, and a greater environmental impact.

鈥泪迟鈥檚 better if we can make better use of existing resources,鈥� Allison said. 鈥淚t’s better for everyone.鈥�

The new funding will be used for expansion and growth, according to Allison. In terms of geographic expansion, the company picked Spain for its first international market after evaluating where buyers wanted second homes.

鈥淪pain is a market where a lot of people in Europe aspire to own second homes,鈥� Allison said. 鈥淭here鈥檚 a very diverse base of people that come from different parts of the world that are interested in owning in Spain, and it鈥檚 also just a very desirable place for second homes, which also tends to be an attribute for all of our markets.鈥澛�

2 led the round, with participation from new investors and proptech VC firm . The round also included participation from previous investors including , , and , which was founded by Pacaso co-founder Rascoff.

Allison and Rascoff met with Fifth Wall in early 2020. Although Fifth Wall wasn鈥檛 ready to invest in Pacaso at the time, it continued to track the startup, according to Fifth Wall partner .听

Coincidentally, Wenhold had recently sat through an unrelated timeshare pitch and was interested in Pacaso鈥檚 different approach.

鈥淭hey were taking a previously illiquid asset, which was a timeshare, and making it affordable for the masses, also making it attainable for folks who wanted to own a second home but previously weren鈥檛 able to,鈥� Wenhold said. Picasso also reminded them of real estate platform , which Fifth Wall also invested in.

In January, Pacaso had about 30 people on its team, and now has about 120 employees across 20 states and three countries. It鈥檚 also grown from serving 12 markets six months ago to about 25. It has an annualized revenue run rate of $330 million, according to Allison.

In the next year, the company plans to expand into other European countries, Mexico and the Caribbean.

Illustration: Li-Anne Dias