Vacation rental company Vacasa announced it received $108 million in Series D funding, led by Silver Lake and including participation from Riverwood Capital and Level Equity.
The company’s previous round of funding was also led in part by Silver Lake, Riverwood Capital and Level Equity.
“Like many companies in the travel sector, Vacasa experienced challenges as the COVID-19 pandemic took hold,” said Matt Roberts, CEO of Vacasa. “We are incredibly fortunate for the continued support of our investors.”
“As we begin to emerge from this global crisis with an infusion of capital, we are in a very strong financial position to capture consumer demand,” Roberts continued. “We believe there will be a preference shift from hotels to professionally managed vacation rentals as privacy and cleanliness rise to be top priorities for travelers.”
According to Vacasa, there has been a recent increase in daily reservations in more cities, as well as a reduced booking window between the time a guest books their vacation.
In May, guest reservations were booked six times more than in April, including an increased interest in leisure travel, the company said.
Vacasa said that during the height of the crisis, it had guest bookings in only 357 cities in the U.S. Now, it has increased to 723 cities. In April, Vacasa said its booking window peaked at 142 days, which shows that guests were scheduling trips far out. Since mid-May, Vacasa’s booking window is back down to 40 days, similar to 2019 averages.
Vacasa recently relaunched Vacasa Premium Clean, a program that meets or exceeds all currently published CDC recommendations and follows Vacation Rental Management Association’s SafeHome guidance.
“We are excited to continue our partnership with Vacasa, which has spent the past decade delivering exceptional experiences to its guests and strong financial returns to its homeowners,” said Joerg Adams, managing director at Silver Lake. “We believe in the team, the business model and the customers and communities Vacasa serves, and that this investment enables the company to continue to innovate and to maintain its strong growth trajectory.”