SAN FRANCISCO, June 9, 2021 /PRNewswire/ -- Pacaso, a service that helps people buy and co-own luxury homes, today announced the launch of its public-facing grant equity program. The new Referral Equity Program awards 500 restricted stock units (RSUs) for each closed buyer referral. Referrals can be made by real estate agents, Pacaso owners and Pacaso employees.
In addition to equity, agents will continue to receive 3% commission for closed buy-side transactions. The company will also continue to offer Pacaso owners $2,500 in operating expense credits for each closed referral.
In March 2021, Pacaso closed a $75 million round of growth financing and was named the fastest U.S. company to receive a $1 billion "unicorn" valuation, bringing total funding to $90 million (i). This resulted in a price per company's preferred share of $4.15. The company's price per common share was subsequently valued at $0.86/share. The RSUs will vest and be paid after the company goes public or is sold.
"From day one at Pacaso, we were very purposeful about creating maximum commission opportunities for our real estate agent partners. It's the right thing to do, and a recognition of their hard work and invaluable local expertise. But, we wanted to do even more," said Pacaso Co-founder and CEO Austin Allison. "With this program, real estate agents can benefit from Pacaso's growth and participate in our long-term success while enjoying a generous referral bonus in the form of equity." Allison added, "Our owners have been instrumental in supporting Pacaso's early growth, so including them in this program was a no-brainer."
Pacaso's more than 100 distributed employees, who receive equity as a benefit of full-time employment, are also eligible to participate in the new referral program. The company's innovative benefits program also includes a $25,000 credit toward the purchase of a Pacaso, unlimited vacation, generous credit to outfit their home office and more. To learn about employment opportunities, visit Pacaso's careers page.
Since Pacaso's launch in October 2020, more than a million people have visited the Pacaso website.The company operates in 20 top second home destinations across the U.S., with plans to expand internationally.
Pacaso™ (pronounced like "Picasso") modernizes the decades-old practice of co-ownership by creating a marketplace that makes buying, owning and selling a second home easy. We curate the best listings in top second home markets, offer integrated financing, provide upscale interior design and furnishings, professionally manage and maintain the home, and create technology that simplifies scheduling stays. After purchase, Pacaso acts as the home manager and supports a frictionless resale process in partnership with a licensed real estate professional. For more information, visit www.pacaso.com or download the Pacaso app for Android or iOS.
Pacaso was founded by former Zillow executives Austin Allison and Spencer Rascoff.
(i): Source: Internal company analysis of Crunchbase and PitchBook data comparing unicorn status timelines based on company launch dates.