Pacaso, a vacation-home-co-ownership startup founded by two Zillow alumni, says it's the fastest ever to achieve unicorn status.
After launching in October 2020, it reached unicorn status, or a $1 billion valuation, in March 2021. The San Francisco company said it had raised $125 million and was worth $1.5 billion.
It works like this: The company purchases a home through an LLC in one of many cities, like Charleston, South Carolina; Cape Cod, Massachusetts; and Miami. It then lets customers buy one-eighth to half of a share of the property.
Last year, Pacaso sold nearly 400 "units," or shares, according to a February press release.
After closing, Pacaso acts as a management company that furnishes the homes, handles repairs and utilities, and facilitates scheduling for owner stays.
Prices range from the mid-$200,000s to over $3 million a share for properties in over 35 destinations spanning the US, as well as Mexico, Spain, and the UK.
Pacaso also made Insider's list of hottest proptech startups in 2022.
Pacaso differs from a traditional timeshare because instead of purchasing the right to use a home, you own it.
"Pacaso is institutionalizing, or commercializing, that process to eliminate the stress, hassle, and problems," its CEO and founder, Austin Allison, told Insider in 2021, when the company hit its $1 billion valuation. "We believe we will surpass the old category of second-home ownership."