Vacasa Announces Strategic Investment Led by Silver Lake
PORTLAND, Ore. & MENLO PARK, Calif.--(BUSINESS WIRE)--Oct 29, 2019--
Vacasa, North America’s largest vacation rental management platform, today announced a $319 million strategic investment round led by Silver Lake, a global leader in technology investing. Existing investors Riverwood Capital, Level Equity and NewSpring also participated in the capital raise.
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Vacasa’s integrated technology and services platform provides end-to-end vacation rental property management solutions to homeowners across the globe. The company’s best-in-class dynamic pricing and multi-channel distribution capabilities help homeowners that switch to Vacasa earn 31% more income on average in their first year. Guests who stay in Vacasa-managed homes have access to local onsite management, professionally cleaned homes, an easy-to-use mobile app and a dedicated 24/7 guest services team. With its highly scalable platform, Vacasa manages more than 23,000 vacation homes and has hosted over 20 million guest nights since its founding in 2009.
“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.
Whether travelers are looking to book a weekend getaway or the trip of a lifetime, Vacasa is the trusted partner for all things vacation rental. Vacasa homeowners enjoy industry-leading financial returns on their vacation homes, delivered by the company’s unmatched technology platform that adjusts rates in real time and ensures revenue is always maximized. Guests can relax comfortably in one of Vacasa’s 23,000+ professionally managed homes around the world, knowing that 24/7 local teams are just a phone call away. In the past 10 years, Vacasa has grown to become North America’s largest vacation rental management platform and employs more than 5,000 people who are passionate about providing best-in-class service to homeowners, guests, real estate investors and partners. For more information, visit www.vacasa.com.
About Silver Lake
Silver Lake is the global leader in technology investing, with over $43 billion in combined assets under management and committed capital and a team of approximately 100 investment and operating professionals located in Silicon Valley, New York, London and Hong Kong. Silver Lake’s portfolio of investments collectively generates more than $230 billion of revenue annually and employs 370,000 people globally. For more information about Silver Lake and its portfolio, please visit www.silverlake.com.
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Sarah Tatone, Head of Communications & PR
KEYWORD: CALIFORNIA OREGON UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE TECHNOLOGY CONSTRUCTION & PROPERTY SOFTWARE INTERNET LODGING VACATION TRAVEL RESIDENTIAL BUILDING & REAL ESTATE
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PUB: 10/29/2019 09:00 AM/DISC: 10/29/2019 09:01 AM