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Vacasa

Proptech / vacation rentalsUSA
New to Unitard
🤝 Acquired
Peak $4.5 BillionToday
~-97%
from peak
  1. 🦄
    Became a unicorn
    2019
  2. 📈
    Peak valuation
    $4.5 Billion ’21
  3. 💔
    Became a Unitard
    2022
  4. 💸
    Last valuation
    ~$135M
Current status
Taken private by rival Casago for ~$130M ($5.30/share), completed May 2025; delisted from Nasdaq.

The rise & fall

7 moments · 2009–2025

The key moments, with employee sentiment along the way.

2009
Founded in Portland
Eric Breon starts managing vacation homes full-service, one Oregon getaway at a time.
Wikipedia
2019
Joins the unicorn club
A Silver Lake-led round values North America's largest vacation-rental manager above $1B.
TechCrunch
Dec 2021
The peak: SPAC debut at $4.5B$4.5B
Goes public by merging with TPG Pace Solutions at the top of the SPAC wave.
Skift
2022–24
Bookings soften, layoffs repeat
The tech-driven model never reaches profitability; staff cuts come in multiple rounds as the stock slides about 97%.
Skift
2022
Slips out of the club
Within months of the SPAC debut, Vacasa's market value sinks below $1B.
Macrotrends
From the inside · Glassdoor reviews, 2022–24
Glassdoor reviews marked the SPAC era as the turning point: employees described the founder-era culture fading through repeated layoff rounds delivered over mass video calls with cameras off, thin severance, and frozen raises for those who stayed.
May 2025
Acquired by Casago for ~$130M$130M
Smaller rival Casago takes it private at $5.30 a share — about 3% of the SPAC valuation — and the Nasdaq listing ends.
Skift

💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.

How it happened

Vacasa was the largest full-service vacation-rental management company in North America, serving tens of thousands of homeowners. It went public in December 2021 via a SPAC merger with TPG Pace Solutions at a $4.5B equity valuation.

The tech-driven model never reached profitability; bookings softened, the company cut staff in multiple rounds, and the stock fell about 97%. In May 2025 Vacasa was taken private by smaller rival Casago in an all-cash deal worth roughly $130M and delisted from Nasdaq.

Source: Skift / Wikipedia / Short Term Rentalz ($4.5B equity valuation via TPG Pace Solutions SPAC, Dec 2021; stock -97%, multiple layoffs; Casago all-cash take-private ~$130M, closed May 1 2025)

Founders & leadership

  • Rob Greyber
    CEO
    LinkedIn ↗
  • Eric Breon
    co-founder & CEO (started it after struggling to let his family's vacation home)
    Now Co-Founder & CEO at FairlyLinkedIn ↗
  • Cliff Johnson
    co-founder (an attorney; co-founded it with Breon in Nov 2009)
    Now President at PadSplitLinkedIn ↗

Current roles as self-reported on LinkedIn, retrieved 2026-08-21. See our methodology.

Disclosed investors (7)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round · Crunchbase ↗ · 2026-10-13 · Methodology · Leaderboard

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