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Home co-ownership platform Pacaso raises $125 million in round led by SoftBank

By Jane Lanhee Lee (Reuters) - Pacaso, a property co-ownership sales and management platform launched only about a year ago, said on Tuesday it raised $125 million in a funding...
Home co-ownership platform Pacaso raises $125 million in round led by SoftBank © Reuters. Pacaso founders Spencer Rascoff (L) and Austin Allison pose for a photo in Los Angeles, California, U.S. in this September 2020 handout photo. Pacaso/Handout via REUTERS

By Jane Lanhee Lee

(Reuters) - Pacaso, a property co-ownership sales and management platform launched only about a year ago, said on Tuesday it raised $125 million in a funding round led by SoftBank Group Corp's Vision Fund 2 which valued the company at $1.5 billion.

Pacaso buys luxury homes, renovates and furnishes them, and then finds up to eight owners to buy a share of the property. The property is then managed through Pacaso’s SmartStay app between the owners who may not know each other.

"Owning a second home is an aspiration many, many families share. But it tends to be out of reach for most people because second homes are very expensive and they're also highly underutilized," said Austin Allison CEO and co-founder of Pacaso.

The company makes money on reselling the property and a fee for using the management app, said Allison.

The fast growing startup, already operating in 25 destinations in the United States, has also quickly hit some pushback.

In May, a local newspaper https://www.sonomanews.com/article/business/sonoma-neighbors-vow-to-stop-controversial-new-homebuying-model in Sonoma Valley, California’s wine region, reported neighbors of a co-owned Pacaso home posting signs “Pacaso time shares not welcome here” and there are at least two petitions on change.org.

Allison said Pacaso “is actually part of the solution” and not causing housing shortages as it helps people looking for second homes pool funds together to buy luxury homes rather than compete for regular residential homes.

Allison said Pacaso manages nearly $200 million worth of real estate on its platform. The company will also expand into Spain by the end of the year as it starts its global expansion, he said.

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27-09-2021 19:40:08 (UTC+7)

EUR/USD

1.1705

-0.0009 (-0.08%)

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↑ Buy

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EUR/USD

1.1705

-0.0009 (-0.08%)

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GBP/USD

1.3711

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USD/JPY

110.94

+0.22 (+0.20%)

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AUD/USD

0.7261

+0.0003 (+0.03%)

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1.2655

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EUR/JPY

129.86

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EUR/CHF

1.0856

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64.520

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Bayer AG NA

47.27

+0.79 (+1.70%)

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Allianz SE VNA O.N.

195.39

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Adidas AG

279.85

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 EUR/USD1.1705↑ Buy
 GBP/USD1.3711↑ Buy
 USD/JPY110.94↑ Sell
 AUD/USD0.7261↑ Buy
 USD/CAD1.2655↑ Sell
 EUR/JPY129.86↑ Buy
 EUR/CHF1.0856Sell
 Gold1,751.85↑ Buy
 Silver22.668↑ Buy
 Copper4.2763↑ Buy
 Crude Oil WTI75.47↑ Buy
 Brent Oil78.71↑ Buy
 Natural Gas5.502↑ Buy
 US Coffee C192.83↑ Sell
 Euro Stoxx 504,164.21Sell
 S&P 5004,455.48↑ Sell
 DAX15,565.35Sell
 FTSE 1007,049.59↑ Buy
 Hang Seng24,208.78↑ Buy
 Small Cap 20002,253.88↑ Sell
 IBEX 358,989.50↑ Buy
 BASF64.520↑ Sell
 Bayer47.27↑ Buy
 Allianz195.39↑ Buy
 Adidas279.85Neutral
 Lufthansa6.458↑ Sell
 Siemens AG146.71Neutral
 Deutsche Bank AG11.016Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,665/ 5,715
(5,665/ 5,715) # 900
SJC HCM5,635/ 5,700
(0/ 0) # 885
SJC Hanoi5,635/ 5,702
(0/ 0) # 887
SJC Danang5,635/ 5,702
(0/ 0) # 887
SJC Nhatrang5,635/ 5,702
(0/ 0) # 887
SJC Cantho5,635/ 5,702
(0/ 0) # 887
Cập nhật 27-09-2021 19:40:10
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ↀ Giá vàng thế giới
$1,749.88+0.390.02%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2204022480
RON 95-II,III2194022370
E5 RON 92-II2071021120
DO 0.05S1658016910
DO 0,001S-V1693017260
Dầu hỏa1564015950
ↂ Giá dầu thô thế giới
WTI$75.50-1.52-2.01%
Brent$79.58-1.52-1.91%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.630,0022.860,00
EUR25.993,7727.346,60
GBP30.324,2231.591,18
JPY200,45212,05
KRW16,7520,39
Cập nhật lúc 18:54:42 27/09/2021
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