With this month’s acquisition of Wyndham for $156 million in cash and $10 million in Vacasa equity, Vacasa now manages more than 23,000 vacation homes. The most recent raise brings Vacasa’s funding total to over $525 million.
“Vacasa has spent the past decade bringing innovation to the $100 billion global vacation rental industry,” said Joerg Adams, managing director at Silver Lake. “We believe Vacasa, with its differentiated technology platform that’s already the market leader in North America, has the potential to become a global brand that stands for superior financial returns for homeowners and exceptional experiences for guests.”
With this new financing, Vacasa plans to further enhance its industry-leading technology platform, accelerate expansion into new markets and grow new offerings, including Vacasa Real Estate, which has evolved from an agent network into a robust service model that includes brokerages in key vacation rental markets throughout the country.
“The opportunity that lies ahead of us is enormous, on both the property management and real estate side of the business,” said Eric Breon, founder and CEO of Vacasa. “We’re seeing an increased number of buyers looking to purchase vacation homes as an investment, with the intent to rent the property. We’re uniquely positioned to assist our homeowners through the entire lifecycle of their vacation home and are dedicated to continued advancement of our technology to meet the needs of our customers.”
“Vacasa’s revenue has grown almost seven-fold since our Series A investment nearly four years ago and we expect growth to accelerate in 2020,” said Ben Levin, founder and partner of Level Equity. Jeff Parks, co-founder and managing partner of Riverwood Capital, added, “It is exceptionally rare to see this type of growth, and rarer still at this scale. As the market leader, Vacasa is distinguishing itself as the standard for quality and innovation in an industry with tremendous opportunity that is being fundamentally reshaped by technology.”
J.P. Morgan acted as sole placement agent, and Wilson, Sonsini, Goodrich & Rosati served as legal advisor to Vacasa. Ropes & Gray LLP served as legal advisor to Silver Lake.