Vacation home marketplace Pacaso has filed a Form 1-A indicating its intent to raise money online.
According to the offering circular, Pacaso is offering up to 28,957,528 shares for $2.50/share or a gross amount of $75 million – the maximum allowed under the exemption.
Pacaso has partnered with online capital formation specialist DealMaker, a broker-dealer, to assist in the funding round.
Pacaso operates a real estate marketplace that facilitates the purchase and management of co-owned vacation homes. Pacaso connects prospective buyers with luxury vacation homes, enabling the co-ownership process from acquisition to ongoing management all online. Investors may acquire as little as 1/8th of a property. Homes focus on popular vacation destinations like Cabo San Lucas, Mexico, Paris, France and London.
As of December 2023, Pacaso reports real estate inventory and real estate investments (Not including SPE lines of credit,) of $85.2 million, down 37.7% from $136.7 million on December 31, 2022, and down 65% from $241.5 million at our peak in June 2022.
Similar to most early-stage firms, Pacaso is generating a loss as it grows its business. The company discloses that it completed some whole-home sales in 2023 and 2022, generating a gross profit loss of 11.4% and 10.5%, respectively, which helped the balance sheet and provided the company with additional liquidity.
This is Pacaso’s first Reg A round, but it has raised multiple Reg D offerings in the past.
The offering has not yet been qualified by the SEC, a process that can take several months. If qualified, the offering is expected to be hosted on the Pacaso website.
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