Pacaso, a startup specializing in co-ownership of second homes is preparing to expand its North American operations and extend its reach across the Atlantic.
Pacaso announced Tuesday that it is expanding into Mexico, Canada and Europe over the next year, and has hired a new executive to oversee the project. The company currently operates in 20 markets throughout the United States.
Razor Suleman | Photo credit: Pacaso
Razor Suleman, who co-founded the Canadian organization Elevate and started corporate social network Achievers, will serve as president of Pacaso International, the company said in a news release.
“I’m incredibly excited about Pacaso’s mission, which is to enrich lives by making second home ownership possible and enjoyable for more people,” Suleman said in the release.
Pacaso was launched in 2020 by co-founder and CEO Austin Allison and former Zillow CEO Spencer Rascoff.
“When we started planning our international expansion, we knew we needed someone who isn’t afraid to think big and who has innovation written into their DNA,” Allison said in the company’s release. “That’s Razor in a nutshell.”
In addition to its expansion plans, Pacaso announced Tuesday that it is adding an aerospace executive with regulatory expertise to its board of directors.
Malissia Clinton | Photo credit: Pacaso
New board member Malissia Clinton is senior vice president, general counsel and secretary at The Aerospace Corp. in Los Angeles. She has 25 years of experience in multiple industries, including defense, health care and intelligence.
“When I learned about Pacaso and this particular opportunity, I was struck by what interesting and timely solutions they are creating, and how the company is innovating across several sectors including real estate, travel and technology,” Clinton said in the release.
As Pacaso has expanded domestically, it has at times run into local regulatory issues.
In Northern California, Pacaso has offered fractional ownership stakes in high-end Napa and Sonoma properties. But after some in these communities expressed concern that the startup might be taking workforce housing inventory out of resident-owned hands, the company said it would only buy homes in this area valued at $2 million or higher.
When one of these municipalities, Napa Valley’s St. Helena, banned Pacaso transactions because they bore an alleged resemblance to timeshares, the company filed a lawsuit that argued its fractional ownership model was offering users a stake in something fundamentally different.
Pacaso reports 1.5 million people have visited its website since the company launched in 2020. The startup has raised $90 million in equity financing over that span, according to the company’s release.
