Pacaso, the fast-growing second-home startup headed by Cincinnati native Austin Allison, has officially landed in its first international destination.
The company, which operates a distributed team with hubs in California and the Queen City, among others, has launched in Marbella, Spain, in the Costa del Sol region. Pacaso called it one of the top second-home destinations in Europe. The company plans to continue to expand rapidly to other international markets.
The expansion has largely been fueled by a $125 million Series C funding round the company announced in September. That allowed Pacaso to hire a team abroad and set up on-the-ground operations in Europe and the U.K.
Click here to view one of Pacaso's first listings in Spain.
Pacaso has raised more than $215 million since its launch in October 2020 and reached unicorn status in March. It now carries a $1.5 billion valuation, and operates in more than 25 domestic second-home markets, including Napa, Lake Tahoe, Aspen, Malibu, Miami and Vail.
The company was co-founded by Allison and Spencer Rascoff, both former Zillow executives. Prior, Allison founded and exited Dotloop, a real estate tech startup, to Zillow for $108 million in 2015.
"The traction that we've made in the U.S. has created a strong foundation for our global expansion,” Allison said in a release. “We're so excited to be able to offer Pacaso services to people here in Spain…and we're just getting started."
Pacaso (pronounced like "Picasso") aims to modernize the practice of co-ownership. Its marketplace allows for the buying, owning and selling of luxury second homes. Unlike a timeshare, Pasaco buyers own property, not time: People can purchase as little as one-eighth to as much as one-half of a home.
Pacaso partners with local real estate agents and brokerages in markets where it operates. Every Pacaso property is sold fully furnished with professional interior design. After purchase, Pacaso manages the home on an ongoing basis, and owners can use Pacaso’s app for scheduling stays.
In an interview with CincyInno earlier this year, Allison put the second-home market in the trillions. There are more than 100 million second homes around the world — most sit vacant 10-11 months out of the year, he said. Pre-Covid, when the company surveyed families with a household income of more than $150,000 – its initial target market – 75% of those families said they aspired to own a second home.
“Our mission is about making second-home ownership possible for more people. That’s a big mission opportunity, and in order to do that, we have to make Pacaso available in more markets,” Allison said.
