Founded in 2020 by Allison and co-founder Spencer Rascoff, Pacaso allows vacationers to purchase shares in a second home, from one-half to one-eighth of the property. Pacaso offers a selection of homes to choose from, which the startup business purchases beforehand, creating a property LLC that can be shared amongst several owners. The startup company does not retain any shares in the property, so the home is fully-owned by the consumers.
Once a customer selects a property, they purchase the number of desired shares, then Pacaso puts the remaining shares on the market. Co-owners are vetted by Pacaso and must agree to a code of conduct. The startup business then furnishes the home with modern furniture and decor in addition to completing any necessary repairs and maintenance. After setup, all operating costs are divided proportionally among the co-owners.
Co-owners looking to schedule time in their second home simply use the Pacaso owner app, which utilizes smart scheduling software. Owners are allowed to schedule more time each year through the app, depending on the number of shares they hold. However, the app does not allow back-to-back books, ensuring that each owner is capable of using the property throughout the year.
Startup company Pacaso reached unicorn status after closing a $75 million Series B and $1 billion debt financing round. The business allows users to buy shares and become co-owners of a second home, letting them schedule a vacation any time of the year through a simple app. The app ensures that co-owners may use the property year-round by preventing back-to-back bookings. Pacaso’s unique platform offers an alternative to traditional timeshares. Since its launch, the business claims to have more than 500,000 website visitors.
About the Author
James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.