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

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