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    9984   JP3436100006

SOFTBANK GROUP CORP.

(9984)
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SoftBank : Home co-ownership platform Pacaso raises $125 million in round led by SoftBank

09/14/2021 | 12:36pm EDT
Pacaso founders Spencer Rascoff and Austin Allison pose for a photo in Los Angeles

(Reuters) - Pacaso, a property co-ownership sales and management platform launched only about a year ago, said on Tuesday it raised $125 million in a funding round led by SoftBank Group Corp's Vision Fund 2 which valued the company at $1.5 billion.

Pacaso buys luxury homes, renovates and furnishes them, and then finds up to eight owners to buy a share of the property. The property is then managed through Pacaso's SmartStay app between the owners who may not know each other.

"Owning a second home is an aspiration many, many families share. But it tends to be out of reach for most people because second homes are very expensive and they're also highly underutilized," said Austin Allison CEO and co-founder of Pacaso.

The company makes money on reselling the property and a fee for using the management app, said Allison.

The fast growing startup, already operating in 25 destinations in the United States, has also quickly hit some pushback.

In May, a local newspaper https://www.sonomanews.com/article/business/sonoma-neighbors-vow-to-stop-controversial-new-homebuying-model in Sonoma Valley, California's wine region, reported neighbors of a co-owned Pacaso home posting signs "Pacaso time shares not welcome here" and there are at least two petitions on change.org.

Allison said Pacaso "is actually part of the solution" and not causing housing shortages as it helps people looking for second homes pool funds together to buy luxury homes rather than compete for regular residential homes.

Allison said Pacaso manages nearly $200 million worth of real estate on its platform. The company will also expand into Spain by the end of the year as it starts its global expansion, he said.

(Reporting by Jane Lanhee Lee; Editing by Lincoln Feast.)

By Jane Lanhee Lee


ę Reuters 2021
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Analyst Recommendations on SOFTBANK GROUP CORP.
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Financials
Sales 2022 6 040 B 55 117 M 55 117 M
Net income 2022 1 310 B 11 952 M 11 952 M
Net Debt 2022 14 983 B 137 B 137 B
P/E ratio 2022 8,86x
Yield 2022 0,68%
Capitalization 11 048 B 101 B 101 B
EV / Sales 2022 4,31x
EV / Sales 2023 4,08x
Nbr of Employees 58 786
Free-Float 69,3%
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Number of Analysts 15
Last Close Price 6 449,00 JPY
Average target price 10 345,20 JPY
Spread / Average Target 60,4%
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Managers and Directors
Masayoshi Son Chairman & Executive President
Yoshimitsu Goto CFO, Director & Senior Managing Executive Officer
Raul Marcelo Claure Chief Operating Officer & Executive Vice President
Tim Mackey Chief Legal Officer & Group Compliance Officer
Masami Iijima Independent Outside Director
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