Pacaso

San Francisco, United States

Pacaso is a San Francisco-based marketplace for co-owned luxury vacation homes: it buys a home, places it in an LLC, sells fractional shares to buyers with a 12% markup on the initial sale, then manages the property and scheduling for a monthly fee and brokers resales. Former dotloop founder Austin Allison and Zillow co-founder Spencer Rascoff launched it on October 1, 2020 with a $17 million Series A led by Maveron and $250 million of debt, then raised $75 million at a $1 billion valuation in March 2021 (Greycroft and Global Founders Capital) and a $125 million Series C at a $1.5 billion valuation in September 2021 led by SoftBank Vision Fund 2. After a 30% layoff in 2022, it turned to retail investors through a Regulation A+ offering that closed at $72.5 million from more than 17,500 investors in October 2025, bringing total equity raised to over $300 million, alongside a $100 million credit facility from Texas Capital. The company reports more than $1.2 billion in total transactions across 40+ destinations in the US, Mexico and Europe; in Q1 2026 adjusted gross profit (excluding whole-home sales) rose 25% to $7.9 million at an 18.5% margin, with an adjusted EBITDA loss of $3.4 million. An April 2026 investigation by The Real Deal documented owner complaints about rising operating costs and slow or loss-making resales, and at least a dozen municipalities have regulated Pacaso homes as timeshares since 2021, leading to lawsuits with St. Helena and Newport Beach (both settled) and Sullivan's Island, South Carolina.