Celebrating Pacaso — the Modern Way to Buy and Own a Second Home
Last February, one week before the Covid-19 lockdown, Maveron had the honor to partner with Austin Allison and Spencer Rascoff in a bold idea to reinvent second home ownership. It was truly just a vision at that time as we led the Series A round of an unnamed company with no employees. As they went to work, Covid quickly swept over America and the world, creating many heretofore unanticipated headwinds and tailwinds. The team iterated tirelessly and after four highly productive months, they launched the stealth brand of Niner Homes in June 2020. This was an MVP and they used it as a laboratory to experiment. Four months after that, on October 1, 2020, the Pacaso brand was launched, democratizing second home ownership by creating a marketplace that makes buying, owning, and selling a second home easy. Fast forward to today, nine months after their beta product launch, Pacaso has become the fastest US company to reach profitable unicorn status. Congratulations to Austin, Spencer and the stellar crew at Pacaso for raising $75 million of Series B equity at a $1 billion valuation!
Over my 23 year career as a venture capital investor, I’ve learned a few lessons about what it takes to be a super successful founder/CEO/leader. It takes relentless perseverance and obsession, being an all-star recruiter, category advantage, being aggressive and ridiculously fast, having an ability to sell the product/vision, superior communication skills, knowing your customer, strong product and/or technology chops, and a talent to balance bold vision with detailed execution. Austin as CEO has these qualities and then some. Austin’s vision and customer awareness have been elevated by his partnership with Co-founder and Chairman Spencer, who brings a wealth of experience in real estate from his days leading Zillow.
In 13 months, Austin and Spencer have built a solid team of super experienced, category advantaged people at Pacaso. Collectively they’ve done an outstanding job establishing a framework of company mission, vision, and values that chart a clear and coordinated path for Pacaso. The team has grown to more than 50 people, all working remotely together. They continuously innovate, test, and adjust in pursuit of always getting better.
Today marks the first mile of a marathon for Pacaso. I’m optimistic it will become a category leading, enduring company enriching many people’s lives throughout the world. In fact, I’m writing this post in short sleeves and sunglasses; working from the patio that faces the pool and tennis court at the Palm Springs Pacaso home my wife and I recently purchased a one-eighth share in. It’s been a luxury having this sunny oasis to escape to. We’re excited that Pacaso will redefine the experience of owning a vacation home for many of you.
Be well!
Dan
