Startups are popping up everywhere and two former Zillow leaders are adding to the growing list of new companies. Spencer Rascoff, Zillow’s own co-founder and former CEO, and Austin Allison, the founder and CEO of dotloop, are launching a new platform called Pacaso.
Pacaso offers prospective buyers to co-own second homes with other vetted buyers.
Allison explained that the pair wanted to answer the problem surrounding how long most second homes stay vacant while there are millions of consumers that aren’t able to own a second home because of many of the issues that come with managing property.
Pacaso looks to offer an easy way for homeowners to co-own properties by facilitating the specific needs of these kinds of properties, including all things surrounding property management, designing the aesthetic, selecting appliances, and managing maintenance.
Allison told sources:
“We basically handle everything from aggregating the buyers, to financing, to managing the property, all the way through making the sale of your Pacaso seamless.”
Rascoff said, in a statement:
“The mission of Pacaso is to democratize second homeownership, a luxury to which millions of Americans aspire but which seemed previously inaccessible, and is more important than ever as people seek safety, security, and serenity amid Covid-19.”
The startup is the third endeavor by Rascoff this year. Pacaso is unique as it answers problems that have been long-standing, yet also new in the wake of the global pandemic. Pacaso’s all-star crew and a current backing of $17 million from a recent Series A funding round and $250 million in debt financing, it’s in a good place to make a big impact on the second home sector.