Vacasa, which bills itself as the “largest vacation rental company” in North America, recently raised $64 million to power its future growth.
The company’s portfolio includes 10,600 vacation rental properties in 23 U.S. states and 16 countries within Europe, South and Central America, and Africa, but that’s just a drop in the bucket for the overall market.
According to the company, despite its size, the company only represents 2% of the total vacation rental market. And it views that as a big opportunity moving forward.
“Vacasa has consistently grown 60% year over year, but we’re still only 2% 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.”
The funding round was led by existing investor Riverwood Capital with participation from other current investors Level Equity, NewSpring and Assurant Growth Investing.
Jeff Parks, managing partner at Riverwood Capital, echoed Breon’s sentiments about the opportunity for Vacasa.
“We are increasingly bullish on Vacasa’s ability to capitalize on the $32 billion market opportunity that exists within the vacation rental industry,” Parks said.
“Vacasa has exceeded every key business metric since our first investment just over a year ago,” Parks added. “Unit economics, customer retention, geographic footprint, homeowner and guest satisfaction, and both organic and acquisitive growth are on an accelerated trajectory.”
The company, which was founded in 2009, had its first round of outside capital investment in 2016, when it raised $40 million in its Series A round led by Level Equity.
Then, one year ago, the company raised $103.5 million in its Series B round. And now, the company has another $64 million.
“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,” Parks added.