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Vacasa Completes Largest Funding Round In Vacation Rental Management Industry

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Vacasa Completes Largest Funding Round In Vacation Rental Management Industry
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Vacasa has announced the completion of a $103 million Series B funding round, making it the largest investment to date in the vacation rental management industry.

The funding round was led by Riverwood Capital. Existing Vacasa investors, Level Equity and Assurant Growth Investing, and new investor NewSpring joined in the funding round.

“It is exceptionally rare to see a business of this scale growing this quickly,” said Ben Levin, co-founder and co-CEO of Level Equity. “Vacasa has almost tripled its revenue and unit count in the year and a half since we invested while significantly increasing their geographic and technology footprint, as well as growing their senior executive team and brand.”

Currently the No. 2 vacation rental management company in the U.S., behind Wyndham Worldwide Corporation (NYSE: WYN), and boasting over 6,000 units, Vacasa CEO Eric Breon told Benzinga the company plans to use the new funding to open new markets domestically and internationally in hopes of eventually “dot[ting] the map.”

The funding will also enable Vacasa to continue to develop its core technology platform that optimizes every step of the vacation rental process for both homeowners and guests. Vacasa current operates in 17 states with revenues and units under management growing by around 70 percent year over year.

“Vacation rentals are a $100 billion industry without a dominant player on the management side. It is a very fragmented market,” Breon told Benzinga in an exclusive interview.

“The vacation rental market opportunity is enormous and we’ve only just scraped the surface. At Vacasa, our mission is to be the most trusted vacation rental company. This investment allows us to bring our offering to more markets and provide our homeowners and guests unparalleled service.”

After completing a $40 million Series A funding round in 2016, the latest investment has Vacasa laser-focused on becoming the No. 1 vacation property management company in the nation.

Related Link: Will Short-Term Rentals Kill The Timeshare Industry

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Image Credit: Image from Vacasa

Posted-In: Eric Breon Level EquityNews Financing Travel Exclusives Interview General Best of Benzinga

 

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