A Track Record Retail Investors Could Actually Evaluate
What made this raise unusual starts with the business behind it. Pacaso posted $126.6M in revenue in 2024, up 41% year-over-year, with 1,256 properties under management across the US, Mexico, France, and the UK. Adjusted EBITDA improved 24% in the same period. Most retail offerings ask investors to bet on a concept. Pacaso gave them a company with five years of operating history and clear momentum.
Source: Pacaso Form 1-K FY2024, SEC EDGAR
The Cap Table Had to Reflect the Mission
Pacaso built its business on the premise that luxury vacation home ownership shouldn't be reserved for the wealthy few. Fractional co-ownership let more people access properties they couldn't otherwise afford. Opening the cap table to retail investors applied that same logic to equity. The people who already believed in Pacaso's model could now own a piece of it. For a company whose mission is democratizing ownership, keeping equity locked to institutional investors would have been hard to justify.
The Raise That People Wanted to Be Part Of
Spencer Raskoff, co-founder of Zillow and one of the most recognized names in real estate technology, was the public face of the campaign. His involvement signaled credibility and built excitement among investors.
Pacaso also ran a first-class investor experience from day one. They built a dedicated in-house investor relations team that treated every investor question with the same seriousness as a VC follow-up call. On a Reg A offering, issuers can engage prospective investors directly in ways Reg CF doesn't permit, and Pacaso used that to full advantage. High-touch communication, a brand investors already trusted, and a product that was easy to understand drove both the average ticket and the final close. As a result, Pacaso's average investment came in at $3,564, well above the platform norm.
"The smartest companies aren't just raising capital, they're building communities of people with a vested interest in their success. Our 17,500+ retail investors will become customers, refer buyers, and tell the Pacaso story in ways no ad campaign can. That's what strategic capital looks like."
—Tom Mulholland, Capital Operations, Pacaso
Shareholders Who Already Knew the Product
Alongside the broader campaign, Pacaso marketed to its existing customer base. The overlap between people who had co-owned a Pacaso property and people who wanted equity in the company was a natural one. Investors who already understood the product didn't need to be convinced of the thesis. The raise deepened a relationship that already existed, and gave those customers a reason to stay even more invested in the brand.
Why DealMaker
Pacaso's brand is central to the investor experience they wanted to create. DealMaker's self-hosted platform let them run the entire raise on their own site, keeping the brand intact from first impression to signed investment. The marketing campaign was among the most comprehensive DealMaker has run: Pacaso used TV advertising and direct mail through DealMaker's marketing services, alongside paid social, email, and influencer partnerships.
"At Pacaso, we believe in democratizing ownership. Whether it's giving clients the ability to purchase a fraction of a vacation home, or opening the chance to invest in our company. DealMaker shares that philosophy. They've built the infrastructure to make high-quality investment opportunities accessible to everyone, not just institutional investors. That alignment made them the obvious choice."
—Austin Allison, Co-Founder and CEO, Pacaso
The New Profile of a Retail Raise
The companies choosing retail capital today look different than they did five years ago. Pacaso had $126M in annual revenue, tier-one VC backing, and a clear path toward profitability when they ran this raise. They chose retail not as a fallback, but because a community of 17,500 shareholders does something institutional capital cannot.
The result was the largest real estate Reg A+ of 2025, and it reflects what's possible when a company with real traction commits fully to the investor experience.