A scrappy vacation home-rental company just snagged $103.5 million investment to fund new growth — and it’s eyeing the Hamptons.
The nine-digit cash infusion will enable Vacasa to roll up the local mom-and-pop real estate companies that manage the majority of beach and mountain homes on the rental market, say industry experts.
“Within a year, we’ll be in the Hamptons, the Jersey Shore and the Adirondacks,” Eric Breon, Vacasa’s co-founder and chief executive, told The Post. “We are looking to make an impact on the East Coast.”
The $103.5 million infusion was led by Riverwood Capital. Last year, Vacasa took in its first private investment, $40 million from Level Equity.
After nine years, Portland, Ore.-based Vacasa, which lists and manages 6,000 vacation homes in 17 states and abroad is ramping up, hiring 100 marketing and software experts, Vacasa employs 1,600 worldwide.
“We were boot-strapped until now, but there is strong consumer demand in this $100 billion industry,” he said.
Vacasa’s properties are second homes for it wealthy customers. It manages the rentals, reservations and provides housekeeping and maintenance services.
The funding will allow Vacasa to acquire more local vacation rental companies — it has already scooped up 60 of them since being funded last year.
Over the past year, the company expanded to Hawaii, Tennessee, Montana and South Carolina by becoming a licensed real estate agency in those markets.
Vacasa has avoided urban markets where the regulatory environment has been fraught with battles against home sharing sites like Airbnb, which began listing Vacasa homes on its site about six months ago.
While Vacasa competes with such sites as HomeAway, Vrbo (both owned by Expedia) and Airbnb, it also uses them to list its properties.
“Our guests need a bigger platform than what we’ve been able to offer,” Breon said.