Pacaso Launches With $267M

SAN FRANCISCO, CA, Pacaso, a company that creates a more accessible category of second home ownership, launched today. Pacaso's chairman is Zillow co-founder and former CEO Spencer Rascoff; its CEO is dotloop founder and former Zillow executive Austin Allison.

Pacaso raised $17 million in Series A funding, with Maveron leading the round and additional investment from Crosscut and Global Founders Capital. Among the individual investors are former Starbucks CEO and chairman emeritus Howard Schultz; leading real estate coach Tom Ferry; former Zillow President of Media and Marketplaces Greg Schwartz; and Amazon CEO of Consumer Worldwide Jeff Wilke. Pacaso has also secured $250 million in debt financing to purchase shares of homes.

Pacaso (pronounced like "Picasso") creates a more accessible category of second-home ownership by building a marketplace around co-owning a second home through a property-specific LLC, and reduces the cost and hassle of ownership. Pacaso manages the property and uses proprietary technology to make scheduling easy.