The big news around the Portland startup community today — and likely for some time to follow — surrounded the latest round of funding for Vacasa. Why? Because the size of the round — at $319 million — was unusual. And the valuation for that round catapulted the company into unicorn territory.
Here was the response from the industry.
As for its would-be competitors, Vacasa offers robust property management, such as a team dedicated for rental interior design services. Think linen programs, hot tub installation and maintenance, and smart locks. It also hires and trains dedicated housekeepers. On top of this, guests have access to a mobile app and 24/7 service.
GeekWire: Vacation rental platform Vacasa raises huge $319M round — here’s how it differs from Airbnb
Global tech investor Silver Lake, which counts Dell, Alibaba, and Tesla among its portfolio companies, led the Series C round. It’s one of the first Pacific Northwest investments for Silicon Valley-based Silver Lake. Existing investors Riverwood Capital, Level Equity, and NewSpring also participated.
The round is the largest for a Pacific Northwest company in the past 13 years, according to PitchBook.
The Oregonian: Vacasa raises $319 million, positioning it to be Oregon’s first big, new company in a generation
Tuesday’s huge investment underscores the enormous potential major investors see in the Portland company – and the intense pressure Vacasa will face to deliver on that promise.
Portland Business Journal: Vacasa CEO on profitability and a possible IPO
Fast-growing Vacasa is having a big 2019. Just last week the company completed its largest acquisition to date — scooping up competitor Wyndham Vacation Rentals —and this week it announced a massive strategic investment that pushes it into the unicorn club.
Portland Business Journal: Vacasa raises $319M, creating a Portland unicorn, as it pushes global growth
Vacation rental management company Vacasa raised $319 million from investors in a funding round size not typically seen in the Pacific Northwest, let alone Oregon. It also creates the region’s second unicorn company, or a private company valued at more than $1 billion.
Portland Business Journal: Where Vacasa’s mega round fits in Pacific Northwest fundraising
Since the Great Recession, $20 million to $40 million funding rounds have become more common for Portland-area companies. A few bigger rounds have popped in, but a much larger era seemed to kick off in 2017 when Vacasa raised a $103.5 million round.
Wall Street Journal: Vacasa Becomes Latest Property Unicorn
Vacation-rental management company Vacasa LLC is joining the ranks of property firms with unicorn status, as investors pour more money into the booming short-term housing sector.
For more, read the press release from Vacasa.