Vacasa today announced it has raised an additional $5 million from insurance provider Assurant. As an expansion of its Series A Round, the investment comes seven months after the company announced its initial raise of $35 million led by Level Equity, which brings its total funding to $40 million.
In an interview with VRM Intel, Breon said, “The additional capital allows us to continue to expand both organically and through acquisition.”
In 2016, Vacasa has purchased 17 vacation rental management companies, adding approximately 900 units via acquisitions to its inventory, The company currently manages over 4,000 vacation homes in the U.S., Italy, Spain, Belize, Chile and Costa Rica.
In addition, Vacasa is home to over 1,200 employees and boasts that it has internally established a base minimum wage of $15 per hour.
Assurant offers specialty protection insurance products to protect homes and personal property. According to a press release, Assurant’s investing arm backs growth companies with technology platforms that are in “complementary businesses.”
“Our strategic growth investment in Vacasa is a testament to our belief in the attractiveness of the large and rapidly growing vacation rental market, as well as our confidence in the Vacasa team to continue to execute on its vision,” said Jeff Flynn, director of growth investing at Assurant in a written statement.