Proptech Unicorn Pacaso Raises $125M Series C at $1.5B Valuation
San Francisco-based real estate platform Pacaso announced Tuesday that it raised $125 million in a financing round led by SoftBank Vision Fund 2. The Series C sent the unicorn’s valuation skyrocketing to $1.5 billion.
The latest raise is the company’s second in just under six months. Pacaso brought in $75 million in a financing round back in March when the company was valued at $1 billion.
At the time, Pacaso planned to expand its service to reach clients in new locales. Since then, the company has doubled its domestic market reach and now operates in 25 cities across the United States.
Pacaso was founded by former Zillow executives Austin Allison and Spencer Rascoff. The company provides prospective homeowners with the opportunity to purchase homes for a fraction of their total listing price via its online marketplace. This enables buyers to own a small fraction of a second home and split the rest with other co-owners.
“The ability to work remotely is transforming how people think about home,” Allison, CEO of Pacaso, said in a statement. “[We’re] perfectly positioned to support families looking to own a second home.”
The fresh financing couldn’t have come at a better time, as the real estate platform is growing at a rapid pace. Pacaso’s annualized revenue run rate has hit a whopping $330 million, according to the company. The real estate platform also saw 1.8 million website visits in Q2, a 196 percent increase from Q1 2021.
Pacaso’s revenue isn’t the only thing on the rise; its distributed team of over 120 employees has grown more than 300 percent since January of this year. With the new capital, Pacaso plans to keep the hiring spree going. The company is now on the lookout for dozens of fresh faces to join its engineering, sales, product and operations teams, to name a few.
Following the latest raise, Pacaso is planning its European expansion. The company is set to list homes in Spain by the end of the year.
Picasso has raised $215 million in venture capital financing to date, according to the company.
Additional investors Greycroft, Fifth Wall and Gaingels participated in the round, among others.