Vacasa

Vacasa is an international vacation rental management company based in Portland, Oregon, United States. It provides property management services for over 25,000 vacation rentals[6][7][8][9][10][11] in the U.S., Europe, Central and South America, and South Africa.[12][13][14] Vacasa manages properties in 31 U.S. states and 17 countries.[15]

Vacasa
TypePrivate
IndustryTravel (lodging)
FoundedPortland (2009 (2009)) by Eric Breon and Cliff Johnson[1]
Headquarters
Portland, Oregon
Boise, Idaho
,
U.S.
Key people
Matt Roberts, Interim CEO[2]
Bob Milne, COO
Jeff Flitton, CTO
Lisa Jurinka, CLO[3]
Jim Grube, CFO[4]
Productsvacation rentals, vacation rental property management, vacation rental real estate, lodging, vacation rental community management, vacation rental interior design
RevenueUS$1 Billion
Number of employees
5,000[5]
Websitewww.vacasa.com

History

Eric Breon, along with attorney Cliff Johnson, co-founded Vacasa in 2009 after experiencing difficulties managing his family vacation home in Long Beach, Washington.[16]

In June 2014, Vacasa topped the Portland Business Journal's list of Fastest-Growing Private 100 companies, with an established three-year growth rate of 3,034.59%.[17] In August 2014, it was named the #9 fastest-growing privately held company in the nation by Inc. Magazine in its annual Inc. 5000 list, with an updated three-year growth rate of 16,192%.[18] On November 16, 2016 Vacasa was ranked number 67 out of 500 on the 2016 Technology Fast 500 by Deloitte, which recognizes the fastest-growing technology companies in North America.[19]

In March 2018, Vacasa announced the company would be expanding its Portland office to a newly constructed building in the Pearl District. The 61,000 square foot space provides the company space for an additional 400 employees in Portland. Vacasa retains its existing 36,000 square foot lease at the neighboring Rivertec building, creating a combined Portland campus of 97,000 square feet.[20][21]

On October 2, 2018, Vacasa acquired Oasis Collections, which was previously owned in part by Hyatt Hotels Corp.[10]

In 2019, Vacasa acquired Wyndham Vacation Rentals from Wyndham Destinations for $162 million.[11][22] Vacasa has also partnered with Google to integrate available rental properties into search results for traveling and lodging.[23] It is the first vacation rental management company to do so.[24]

Eric Breon stepped down as CEO of Vacasa on February 11, 2020.[25] Vacasa board member and former OpenTable CEO Matt Roberts replaced Breon as interim chief while the company searches for a successor.[25]

Funding

On April 12, 2016, Vacasa announced securing $35 million in financing led by Series A investor Level Equity.[12][13][26] On November 14, 2016 Vacasa announced extending the Series A round to $40 million following a $5 million investment from risk management provider Assurant.[7] This is the first round of outside capital the company accepted, as it was bootstrapped since its founding in 2009.[12][27]

On October 17, 2017, Vacasa raised $103.5 million in Series B funding.[28] To date, this is the largest funding round ever raised in the vacation rental management sector,[29] and the largest series B funding round ever raised for an Oregon technology company.[30]

On October 18, 2018, Vacasa raised a Series B extension of $64 million, bringing the company's total funds raised to $207.5 million.[31] In 2018, Vacasa became the largest vacation rental management company in North America overtaking Wyndham Vacation Rentals.[32]

On October 29, 2019, Vacasa announced it had raised $319 million in Series C funding valuing the company at over $1 billion.[5]

On May, 2020, Vacasa announced it had raised $108 million in Series D [33] funding lead by existing investor Silver Lake.

Real estate

In July 2018, Vacasa launched Vacasa Real Estate to support buyers and sellers of vacation rentals through a national expert agent network.[34][35] As Vacasa's real estate arm continued to expand, the company launched brokerages in Arizona, Florida, Hawaii, Oregon and South Carolina, with future plans to expand throughout the country.[36] Vacasa Real Estate specializes in vacation rental, second home and real estate investing by combining local insights with data and technology.

Other services

In 2018, the company launched Vacasa Community Association Management and Multifamily Services to round out its full suite of services for vacation homeowners.[37][38]

In 2019, Vacasa launched an interior design service for property owners and developers.[39][40]

Awards
  • Growth Stage Company Award, 2018 Tom Holce Entrepreneurship Awards[41]
  • Technology Association of Oregon's Most Disruptive Technology of the Year Award 2016[42]
  • Deloitte Fast 500 for 2016[43]
  • Pearl Business Association's Technology Champion of the Year for 2016[44]
  • Better Business Bureau's Large Business of the Year Award for 2015[45]
  • Inc. 5000 Fastest Growing Private Companies in America 2014[46]

References
  1. "Vacasa Founders Eric Breon and Cliff Johnson: An Inside Look at Vacasa's Fast Growth and the Lessons Learned Along the Way". August 12, 2017.
  2. "Vacasa founder Eric Breon resigns as CEO of Portland vacation rental giant". OregonLive. Feb 11, 2020.
  3. "Vacasa hires chief legal officer as vacation rental company prepares for IPO". GeekWire. May 30, 2018.
  4. Rogoway, Mike. "Vacasa hires big-company CFO in pursuit of big ambitions". The Oregonian. Retrieved 4 September 2019.
  5. "Vacasa raises $319M, creating a Portland unicorn, as it pushes global growth". Portland Business Journal. Retrieved 21 November 2019.
  6. Bloom, Laura Begley. "Sharing Economy 2.0: How This Company Is Helping Advance Women In The Workplace". Forbes. Retrieved 2018-02-26.
  7. "Vacation Rental Startup Vacasa Clinches Funding | PYMNTS.com". www.pymnts.com. Retrieved 2016-11-28.
  8. "Vacasa, Nation's Second Largest Vacation Rental Company, Expands Series A to $40M". VentureBeat. Retrieved 2016-11-28.
  9. "Vacasa jumps into vacation home sale process with new network connecting buyers, sellers and agents". GeekWire. 2018-07-12. Retrieved 2018-08-31.
  10. "Vacation Rental Company Buys Hyatt-Backed Firm, Extending Acquisition Spree". Wall Street Journal. 2018-10-02. Retrieved 2018-10-14.
  11. Bjorke, Christopher. "$162M acquisition positions Vacasa for major growth". Portland Business Journal. Retrieved 3 September 2019.
  12. Soper, Taylor (2016-04-12). "Vacasa raises $35M, aims to be Amazon of vacation rental industry". GeekWire. Retrieved 2016-06-01.
  13. Rogers, Bruce. "Eric Breon Builds Vacasa Vacation Rental Service Into High Growth Business". Forbes. Retrieved 2016-06-01.
  14. "Airbnb gets a rival on the home front: Vacasa just raised $103 million". Fast Company. 2017-10-17. Retrieved 2018-04-11.
  15. "Vacation rental platform Vacasa raises huge $319M round — here's how it differs from Airbnb". Geek Wire. Retrieved 21 November 2019.
  16. Spencer, Malia (2015-02-12). "Vacasa co-founders on how to grow 16,000% in three years". www.bizjournals.com. Retrieved 2018-05-24.
  17. Walker, Alyssa (20 Aug 2014). "PBJ100: See where the fastest-growing companies of 2014 rank". Inc. Retrieved 21 Aug 2014.
  18. "Inc. 5000 2014: The Fastest-Growing Private U.S. Companies, At a Glance". Portland Business Journal. 12 June 2014. Retrieved 17 June 2014.
  19. Spencer, Malia. "See which Portland area tech firms landed on Deloitte 500 2016 - Portland Business Journal". Portland Business Journal. Retrieved 2016-11-28.
  20. "Vacasa, expecting to hire hundreds, will expand into new Pearl building". OregonLive.com. Retrieved 2018-06-27.
  21. Libby, Brian. "In Portland, Ore., One Project With 2 Styles Reflects Its Neighborhood". Retrieved 2018-06-27.
  22. O'Neill, Sean. "Vacasa to Acquire Wyndham Vacation Rentals for $162 Million". Skift. Retrieved 3 September 2019.
  23. "Vacasa integrates with Google to bring its vacation rental properties to the top of search results". GeekWire. Retrieved 25 September 2019.
  24. "Vacasa homes in Google search results give you one less excuse to skip that vacation". FastCompany. Retrieved 25 September 2019.
  25. Rogoway, Mike (February 11, 2020). "Vacasa founder Eric Breon resigns as CEO of Portland vacation rental giant". The Oregonian. Retrieved February 11, 2020.
  26. Kreutzer, Laura. "The Morning Leverage: Aquiline, Genstar Sell AssetMark to China's Huatai Securities". WSJ. Retrieved 2016-06-01.
  27. "Bootstrapping to $100 Million: Vacasa Co-Founder Cliff Johnson (Part 1)". Sramana Mitra. 2015-07-11. Retrieved 2016-06-01.
  28. "Private equity investors pour $103.5 million into Portland vacation rental management company Vacasa". OregonLive.com. Retrieved 2018-03-29.
  29. "Vacasa Raises $103.5M in Largest Funding Round in Vacation Rental Management History - VRM Intel". www.vrmintel.com. Retrieved 2018-03-29.
  30. Gallivan, Joseph. "B+: Vacasa's big round". joomlakave.com. Retrieved 2018-03-29.
  31. "Sick of managing your Airbnb? Vacasa raises $64M to do it for you". TechCrunch. Retrieved 2019-01-23.
  32. "Vacasa now largest vacation rental company in North America". Inman. Retrieved 21 November 2019.
  33. "Silver Lake makes another travel bet, leads 108M investment vacation rental platform Vacasa". Geekwire. Retrieved 2020-06-04.
  34. "Vacasa jumps into vacation home sale process with new network connecting buyers, sellers and agents". GeekWire. 2018-07-12. Retrieved 2019-01-23.
  35. "Vacasa dabbles in the residential real estate game". www.bizjournals.com. Retrieved 2019-01-23.
  36. www.bizjournals.com https://www.bizjournals.com/portland/news/2019/04/09/vacasa-opens-itsfirst-oregon-real-estate-brokerage.html. Retrieved 2019-04-11. Missing or empty |title= (help)
  37. II, Jim Dalrymple. "Vacasa will now manage entire communities". Inman. Retrieved 2019-02-27.
  38. "Vacasa Targets Urban Rental Market by Helping Developers Fill Vacant Units". Skift. 2018-11-13. Retrieved 2019-02-27.
  39. Spencer, Malia. "Vacasa looks to help property owners make their rentals more Instagrammable". Portland Business Journal. Retrieved 4 September 2019.
  40. Reader, Ruth. "Why your next vacation rental may look like a Wayfair catalog". Fast Company. Retrieved 4 September 2019.
  41. www.bizjournals.com https://www.bizjournals.com/portland/news/2018/10/25/the-big-winners-at-the-2018-tom-holce.html. Retrieved 2019-03-18. Missing or empty |title= (help)
  42. "Technology Association of Oregon Announces the Oregon Tech Awards Winners | Technology Association of Oregon". www.techoregon.org. Retrieved 2019-03-18.
  43. www.bizjournals.com https://www.bizjournals.com/portland/news/2016/11/16/see-which-portland-area-tech-firms-landed-on.html. Retrieved 2019-03-18. Missing or empty |title= (help)
  44. "2016 Pearl District Business Award Winners". Explore The Pearl. Retrieved 2019-03-18.
  45. "Past Recipients". www.bbb.org. Retrieved 2019-03-18.
  46. "Inc. 5000 2014: The Complete Rankings". www.inc.com. Retrieved 2019-03-18.
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