Like many industries that startups disrupt, real estate is ripe for a tech upgrade. As Brendan Wallace told Crunchbase News in our overview of startups in the sector, “real estate has been a tech laggard.”
But throw enough money at an industry, and it will eventually catch up to the 21st century. Or, at least, the investors behind Vacasa’s $103 million series B, following the company’s $40 million series A, should hope so.
The Portland, OR-based company, according to its Crunchbase profile, “provides vacation property management and marketing services for over 1000 properties in several states.” Its bread and butter, however, is its all-encompassing services that it provides for property managers. According to Skift, Vacasa is able to charge “closer to 35 percent than the under-20 percent that its rivals collect” for the services it provides.
With its latest raise, the company intends to expand its global footprint to attract property managers. To do so, it aims to acquire smaller property management companies. The startup has already acquired three property management companies according to its Crunchbase profile, including Discover Sunriver Vacation, Elson Shields, and Utah Vacation Homes. No prices were disclosed, but with an additional $100 million, it’s likely Vacasa has quite a bit of legroom for future acquisitions.
But just how competitive Vacasa can stay in the space with the likes of Airbnb eyeing the same market remains to be seen.
From the Crunchbase Daily:
SoftBank may raise new fund
- SoftBank, which is already upending Silicon Valley with its existing $93 billion Vision Fund, is in early talks to raise a second and possibly larger fund, according to a Recode report citing unnamed sources. SoftBank CEO Masayoshi Son reportedly wants to raise a supplemental technology investing pool that would complement its existing massive fund.
Feedzai raises $50M to fight fraud
- Feedzai, a provider of payments antifraud technology for merchants and banks, has raised $50 million in a Series C round backed by Sapphire Ventures and an unnamed investor. The Silicon Valley-based company said it plans to double headcount this year.
Facebook buys praise app tbh
- Facebook has acquired tbh (short for To Be Honest), an app for sending anonymous compliments to friends on social media, for an undisclosed sum. Since launching in August, tbh has scored 5 million downloads and 2.5 million daily active users.
Bandwidth files for $85M IPO
- The latest tech company to file for an IPO is Bandwidth, a provider of APIs for voice, messaging, and emergency services that is seeking to raise $85 million. Yet it appears the Raleigh-based company, which touts major tech players as customers, is going public under less than ideal circumstances, Crunchbase News reports.
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