Pacaso co-founder Austin Allison explains the market problem and consumer utilization dynamics that inspired the creation of Pacaso.
Disclosure
Allison: Pacaso initially ignored community resistance in Napa and St. Helena
“When we first started getting feedback, you know, in Napa is where it all started, or St. Helena, actually I just kind of ignored it because I'm like, you know, these people just don't understand. Like, this is actually a great thing for them. These are not re…”
Disclosure
Allison: Pacaso has sold over $1B in units across 40 destinations
“We've now been around for four and a half years. We've sold, you know, well over a billion dollars of these Picasso units. We have thousands of owners and operate in about 40 destinations around the world.”
Assertion Partly supported
Allison: Pacaso hit a $1.5 billion valuation in its first 18 months
“So we grew from, you know, zero to I don't know, billion and a half was our series C valuation, which we did in like the first 18 months. We were operating in 35, 40 markets. We had three to 400 people. I mean, we were growing fast, hundreds and hundreds of pe…”
Disclosure
Allison: Initially viewed selling Dotloop as a failure before Zillow deal
“In fact, I was just like absolutely adamant against the idea of selling. I viewed selling as a failure. I'm like, we're building this company to take it public and we're going to do it. And anything short of that is a failure. So selling never crossed my mind.”
Disclosure
Allison: Pacaso sells remaining home interests within 90 days of closing
“What usually happens is about half of the home is spoken for by the time we close. We then take temporary ownership of the other half of the home, and we have great financing partners that enable us to finance that. And then we sell through the remaining inter…”