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Vacasa Secures $108M in New Funding
Portland-based Vacasa received $108 million in new investment from a trio of previous investors, including Silver Lake, Riverwood Capital and Level Equity. The capital is envisioned to allow the vacation rental management company to survive the coronavirus crisis.
Vacasa’s fundraising efforts total roughly $630 million, including $319 million raised last fall in a round led by Silver Lake. The company’s valuation hit more than $1 billion and was poised to emerge as a major new Oregon-based company.
Subsequent COVID-19 stay-home orders wreaked havoc for a sector that depends on travel. The company had a worldwide employee count of 6,000 leading into the coronavirus pandemic in March, including roughly 400 in Portland. The company has been able to recall some laid-off workers, and reports May reservations were six times higher than April’s.
Vacasa’s Matt Roberts says, “As we begin to emerge from this global crisis with an infusion of capital, we are in a very strong financial position to capture consumer demand. 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 travelers.”
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