PORTLAND, Ore.--(BUSINESS WIRE)--Vacasa, the fast-growing technology-enabled vacation rental company, today announced raising a $35 million funding round led by Series A investor, Level Equity. Ranked number nine on the Inc. 5000 Fastest Growing Companies list, Vacasa has experienced explosive year-over-year growth and is the second largest vacation rental management company in the U.S. Vacasa currently offers services across the U.S., Europe, Central and South America. Vacasa will use the new capital to accelerate domestic and international expansion along with continuing to deliver exceptional full-service support and services to both homeowners and guests.
Founded in 2009 by Eric Breon and Cliff Johnson, both of whom are recipients of the Portland Business Journal’s 40 Under 40 Award, Vacasa’s mission is to disrupt the fast-growing but fragmented vacation rental market, which is estimated to reach $169.7 billion by 2019. Coupling proprietary yield management pricing technology with full-service marketing and property management services, Vacasa is the only company that guarantees homeowners the best financial return on their investment in the market. Additionally, the company employs dedicated local teams on the ground in every market to ensure that guests can count on having an amazing and consistent experience every time they stay at a Vacasa property.
Vacasa currently employs more than 1,000 people and within the last 24 months has added several key hires including former KPMG auditor and vice president of finance at Bodybuilding.com, Ryan Vestal, as CFO, and former senior director of product engineering at The Clymb, Lorenzo Ciacci, as CTO. To accommodate Vacasa’s plans to double its workforce in 2016, the company will move its headquarters to a 40,000 square-foot office in June.
In making the announcement, Eric Breon, CEO and co-founder, said, “It’s a big vote of confidence for an investor of this caliber to embrace the Vacasa vision. So far, we’ve been successful in growing Vacasa without external capital. The new financing will help us accelerate our pace of expansion into markets and countries where we do not have a presence, giving our customers access to some of the most desirable destinations in the world.”
“Vacasa is truly disrupting the vacation rental market, combining robust technology with full-service marketing and property management to create a stress-free and consistent experience for both homeowners and guests,” said Ben Levin, founder and partner at Level Equity. “We’ve been impressed with the strong growth Eric and his team have achieved to date and we’re excited to work together to continue expanding Vacasa’s reach and offerings.”
About Vacasa:
Vacasa is the only global full-service vacation rental management company. Leveraging proprietary technology, Vacasa drives revenue for homeowners and provides a seamless experience for guests. Founded in 2009 and based in Portland, Oregon, Vacasa manages a growing portfolio of vacation homes in 135 markets in some of the most desirable destinations in Oregon, California, Washington, Idaho, Colorado, Florida, Georgia, Hawaii, Massachusetts, Maryland, Maine, Texas, Utah, Vermont, Belize, Chile, Italy and Spain. For more information, visit www.vacasa.com.
About Level Equity:
Based in New York, NY, Level Equity is a growth equity firm focused on providing growth capital to rapidly growing software and internet companies. Principals at Level Equity have invested in 52 technology businesses over the past 15 years. For more information about Level Equity, visit www.levelequity.com.
