Future City: Democratizing vacation homes, Bungalow’s breakdown

Spencer’s second act: Vacation homes for all!

Zillow co-founder Spencer Rascoff is back in the real estate game.

The former CEO went public this week with his latest venture: Pacaso, a startup that helps ordinary people purchase second homes.

“We’re trying to create a new category of home ownership, which is second-home ownership,” Rascoff said during an interview on CNBC. To “democratize” ownership, Pacaso’s marketplace helps aspiring owners purchase from one-eighth to one-half of a vacation home. The company will generate revenue on the home sale, and it will collect a fee for managing the property.

Founded by Rascoff and Austin Allison, who sold dotloop to Zillow, Pacaso came out of stealth mode with a $17 million Series A led by Maveron, with participation from Crosscut and Global Founders Capital. Former Starbucks CEO Howard Schultz and Amazon’s Jeff Wilke also invested. Pacaso also secured $250 million in debt to help buyers purchase homes.

It’s not Rascoff’s only new venture. The serial entrepreneur has also formed a blank-check company that’s looking to take a tech unicorn public. Since stepping down as Zillow’s CEO in February 2019, Rascoff has invested in a slew of real estate startups.

He has a penchant for early-stage startups, too. This year, he launched dot.LA, a news site covering Southern California tech. And he’s written checks to PocketList, a rental listings platform, and La Haus, a Latin American listings site. He was also an early investor in smart-intercom startup ButterflyMX.

“This is just a dressed-up version of the typical asshole landlord scenario.”

Frustrated Bungalow resident 

Airbnb valuation could hit $30B in IPO

It’s finally happening. Airbnb is looking to raise $3 billion in a December IPO, according to a new report. Sources told Reuters that Airbnb plans to file a prospectus in November after the presidential election.

Continue Reading