Vacation home rental platform Vacasa has secured another round of funding to the tune of $ 64 million, the company announced Thursday.
The new funding round, which was led by Riverwood Capital with the participation of existing investors Level Equity, NewSpring and Assurant Growth Investing, will now allow the Portland-based company to expand into additional markets, CEO Eric Breon told Inman.
In addition to operating in 23 U.S. states, Vacasa manages more than 10,000 rental properties in 16 countries across Africa, Europe and South and Central America.
Since Vacasa employs local staff in every market in which it operates, adding to its team will be a priority with the new funding round.
With a still-new foray into the real estate business, Vacasa aims to combine its data insights with local understanding.
In July, the company launched a new Vacasa Real Estate platform, which connects a pipeline of vacation homeowners with agents and clients seeking to buy or invest. The platform has drawn 250 real estate agents from more than 80 brokerages, all of whom receive exclusive access to Vacasa’s properties.
Vacasa’s data models can figure out the correct price to offer homes in the short-term rental market across the country, Breon said.
Breon believes investment buyers also can benefit from higher long-term gains with the platform — as well as a couple bonuses.