Vacasa

Last updated
Vacasa
Type Public
Nasdaq:  VCSA
Industry Travel (lodging)
Founded Portland (2009 (2009)) by Eric Breon and Cliff Johnson [1]
Headquarters
Portland, Oregon
Key people
Rob Greyber, CEO [2]
Bruce Schuman, CFO [3]
John Banczak, COO [4]
T.J. Clark, CCO [5]
Bob Milne, SVP Operations [6]
Products vacation rentals, vacation rental property management, vacation rental real estate, lodging, vacation rental community management, vacation rental interior design
RevenueIncrease2.svg US$889 Million (2021) [7]
Number of employees
8,000 [8]
Website www.vacasa.com

Vacasa is an international vacation rental management company based in Portland, Oregon. It provides property management services for over 35,000 vacation rentals [9] [10] [11] [12] [13] [14] in North America, Belize, and Costa Rica. [15] [16] Vacasa manages properties in 34 U.S. states. [17]

Contents

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. [18]

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%. [19] 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%. [20] 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. [21]

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. [22] [23]

On October 2, 2018, Vacasa acquired Oasis Collections, which was previously owned in part by Hyatt Hotels Corp. [12]

In 2019, Vacasa acquired Wyndham Vacation Rentals from Wyndham Destinations for $162 million. [13] [24] Vacasa has also partnered with Google to integrate available rental properties into search results for traveling and lodging. [25] It is the first vacation rental management company to do so. [26]

Eric Breon stepped down as CEO of Vacasa on February 11, 2020. [27] Vacasa board member and former OpenTable CEO Matt Roberts replaced Breon as interim chief, and was then named permanent CEO in the summer of 2020.

On April 1, 2021, Vacasa finalized the acquisition of TurnKey Vacation Rentals, adding more than 6,000 U.S. properties to its portfolio, and bringing its total property count to more than 30,000 units. [28]

On August 24, 2022, Vacasa announced former Expedia executive Rob Greyber will succeed Matt Roberts as CEO. [29]

Funding

On April 12, 2016, Vacasa announced securing $35 million in financing led by Series A investor Level Equity. [30] [31] [32] On November 14, 2016 Vacasa announced extending the Series A round to $40 million following a $5 million investment from risk management provider Assurant. [33] This is the first round of outside capital the company accepted, as it was bootstrapped since its founding in 2009. [30] [34]

On October 17, 2017, Vacasa raised $103.5 million in Series B funding. [35] To date, this is the largest funding round ever raised in the vacation rental management sector, [36] and the largest series B funding round ever raised for an Oregon technology company. [37]

On October 18, 2018, Vacasa raised a Series B extension of $64 million, bringing the company's total funds raised to $207.5 million. [38] In 2018, Vacasa became the largest vacation rental management company in North America overtaking Wyndham Vacation Rentals. [39]

On October 29, 2019, Vacasa announced it had raised $319 million in Series C funding valuing the company at over $1 billion. [40]

On June 2, 2020, Vacasa announced it had raised $108 million in Series D [41] funding led by existing investor Silver Lake.

In July 2021, Vacasa announced that it would become a publicly-traded company through a merger with TPG Pace Solutions, a special purpose acquisition company (SPAC) sponsored by TPG Pace Group. The business combination provided Vacasa with an equity valuation of $4.5 billion. [42] Vacasa debuted on the NASDAQ with the completion of the merger on December 7.

Technology

The company developed the Vacasa Field App to provide its local operations teams with real-time information and updates on home maintenance tickets, as well as its HomeCare Hub, which includes a scheduler algorithm that optimises home clean scheduling across geographic regions. [5]

In November 2021, the company released its Vacasa Homeowner app to share home performance information with their homeowners in a native mobile experience. [43]

Real estate

In July 2018, Vacasa launched Vacasa Real Estate to support buyers and sellers of vacation rentals through a national expert agent network. [44] [45] 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. [46]

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. [47] [48]

In 2019, Vacasa launched an interior design service for property owners and developers. [49] [50]

Awards

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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 Appoints Rob Greyber as Next Chief Executive Officer". Vacasa. Aug 24, 2022.
  3. ↑ Stevens, Paul (10 May 2023). "Bruce Schuman succeeds Jamie Cohen as Vacasa CFO". Short Term Rentalz.
  4. ↑ Schaal, Dennis (15 October 2022). "Vacasa Appoints TurnKey Co-Founder as Chief Operating Officer". Skift.
  5. 1 2 Stevens, Paul (9 February 2023). "Smith and Flitton step down from CCO and CTO roles at Vacasa". Short Term Rentalz.
  6. ↑ "Vacasa completes pair of major acquisitions".
  7. ↑ "Vacasa revenue up 81% in '21, expects profitability in '23". PhocusWire. 16 March 2022.
  8. ↑ "Vacation-Rental Manager Vacasa Aims to Add Homes After Public Listing". The Wall Street Journal. 14 December 2021.
  9. ↑ Bloom, Laura Begley. "Sharing Economy 2.0: How This Company Is Helping Advance Women In The Workplace". Forbes. Retrieved 2018-02-26.
  10. ↑ "Vacasa, Nation's Second Largest Vacation Rental Company, Expands Series A to $40M". VentureBeat. 14 November 2016. Retrieved 2016-11-28.
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  13. 1 2 Bjorke, Christopher. "$162M acquisition positions Vacasa for major growth". Portland Business Journal. Retrieved 3 September 2019.
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