NewSpring Further Supports Fast-Growing Vacasa in Follow-on Investment Round
October 22, 2018
Radnor, PA - October 22, 2018 - NewSpring (the “Firm”), a family of private equity funds, announced today that NewSpring Growth ("NewSpring"), the Firm’s dedicated growth and expansion strategy, has participated in a $64 million funding round into Vacasa, LLC (“Vacasa”), the largest vacation rental management company in North America, in participation with existing investors Riverwood Capital, Level Equity, and Assurant Growth Investing. NewSpring made its initial investment in Vacasa in 2017.
“We are thrilled to participate alongside our existing co-investors in this additional round of funding,” said Marc Lederman, NewSpring Co-Founder and General Partner. “The market opportunity accessible for Vacasa’s strategic growth is vast and this additional capital will further solidify the leadership position the Company holds in the vacation rental market. Vacasa has global ambitions and we look forward to what the future holds for this innovative management team.”
Founded in 2009, Vacasa recently overtook Wyndham Vacation Rentals as the largest vacation rental property manager in North America. The Company manages 10,600 vacation rental properties in 23 U.S. states and 16 countries within Europe, South and Central America, and Africa. In July, the Company launched Vacasa Real Estate, a network connecting buyers and sellers of vacation properties. It also recently completed the strategic purchase of assets from Oasis Collections, a home-sharing company previously backed by Hyatt, with properties in popular international travel destinations.
“Vacasa has consistently grown 60 percent year over year, but we’re still only two percent of the market,” said CEO and Founder, Eric Breon. “We see this as an opportunity to strengthen our balance sheet while continuing to expand our geographic reach, adding new and unique programs, and investing in our technology platform.”
After bootstrapping for six years, Vacasa announced its first round of outside capital in 2016: $40 million in Series A funding led by Level Equity. In October 2017, Vacasa announced a Series B of $103.5 million. Today, Vacasa is the most well-capitalized company in the vacation rental industry.
Vacasa LLC is the largest vacation rental management company in North America. Leveraging industry-leading technology, Vacasa maximizes revenue for homeowners and provides unforgettable experiences for guests. Founded in 2009 and headquartered in Portland, Oregon, Vacasa and its subsidiaries manage a growing portfolio of more than 10,600 vacation homes in the U.S., Europe, South and Central America, and Africa. In nine years, Vacasa has grown to more than 2,500 employees, has been honored as the Oregon Better Business Bureau Large Business of the Year and was ranked ninth on the Inc. 5000 Fastest-Growing Companies list. For more information, visit www.vacasa.com.