Vacasa Announces $108 Million in New Financing Led by Silver Lake
Series D Financing Enables Continued Investment in Growth and Innovation
Portland, OR, and Menlo Park, CA – June 2, 2020 — Vacasa, North America’s largest vacation rental management platform, today announced a $108 million strategic investment round. The financing was led by existing investor Silver Lake with participation from other existing investors including Riverwood Capital and Level Equity.
“Like many companies in the travel sector, Vacasa experienced challenges as the COVID-19 pandemic took hold. We are incredibly fortunate for the continued support of our investors,” said Matt Roberts, Vacasa CEO. “As we begin to emerge from this global crisis with an infusion of capital, we are in a very strong financial position to capture consumer demand. We believe there will be a preference shift from hotels to professionally managed vacation rentals as privacy and cleanliness rise to be top priorities for travelers.”
Vacasa is already seeing strong signs of recovery in the vacation rental industry as stay-at- home restrictions lift and popular destinations reopen. Recently released data from the company reveals a large increase in daily reservations and a reduced booking window:
- Guest reservations created in May were 28x those created in April, indicating an increased interest in leisure travel.
- During the height of the crisis, Vacasa had guest bookings in only 357 U.S. cities. This has increased to 691 U.S. cities.
- In April, Vacasa saw its booking window peak at 142 days signaling that guests were booking trips further out. Vacasa’s booking window is back down to 43 days, in line with 2019 averages.
Since its founding in 2009, Vacasa’s professional team of housekeepers have serviced and cleaned homes with a set of consistently high standards. The company recently launched Vacasa Premium Clean, a new program that meets or exceeds CDC recommendations and follows Vacation Rental Management Association’s SafeHome guidance. As demand for vacation rentals increases, Vacasa’s goal is to provide even more protection and support to everyone in its community at no extra cost to homeowners or guests.
“We are excited to continue our partnership with Vacasa, which has spent the past decade delivering exceptional experiences to its guests and strong financial returns to its homeowners,” said Joerg Adams, managing director at Silver Lake. “We believe in the team, the business model and the customers and communities Vacasa serves. This investment enables Vacasa to continue to innovate and to maintain its strong growth trajectory.”
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 24,000+ professionally managed homes, knowing that 24/7 customer care is just a phone call away. In the past 10 years, Vacasa and its licensed subsidiaries have grown to become North America’s largest vacation rental management platform with operations across 32 U.S. states and Canada. For more information, visit https://www.vacasa.com/press. The Vacasa app is available to download on the Apple App Store and Google Play.
About Silver Lake
Silver Lake is the global leader in technology investing, with over $40 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 silverlake.com.