Vacation rental platform Vacasa has received $108 million in investment from existing investors Silver Lake along with Riverwood Capital and Level Equity. Despite the upheaval in the vacation rental space since the outset on the global Covid-19 pandemic, Silver Lake Managing Director Joerg Adams said that the fund was “excited to continue our partnership with Vacasa”.
The portal, which is particularly strong in the domestic US market, has reportedly seen a strong recovery since the ending of lockdown measures with 6 times as many bookings in May as in April. There is also optimism about the continued relevance in a post-pandemic world of a business model which differs from Airbnb in that all properties are professionally managed and cleaned, with Vacasa CEO Matt Roberts saying:
“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 travellers.”
Much like rival Airbnb, Vacasa had to make some staff redundant during the worst of the pandemic, but this latest round of investment is a shot in the arm which will bring confidence not only in the company but in the idea of managed vacation rentals.