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Pacaso is a service that creates a more accessible category of second-home ownership. The company helps people buy and own a second home through a property-specific LLC, and reduces the cost and hassle of ownership. Pacaso manages the property and uses proprietary technology to make scheduling easy. Pacaso was founded by Zillow executives, including co-founder and former CEO Spencer Rascoff and founder and former CEO of dotloop, Austin Allison. The company raised $17 million in Series A funding from leading venture capital firms such as Maveron, Crosscut and Global Founders Capital. Additionally, Pacaso has secured $250 million in debt financing to purchase shares of homes.
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We focus primarily on the acquisition, development and management of Class A commercial properties that are leased to U.S. Government agencies that serve essential U.S. Government functions. We generate substantially all of our revenue by leasing our properties to such agencies through the GSA. Our multidisciplinary team possesses complementary skills and experience that we expect will drive our business and growth strategies. We plan to grow our business primarily through the pursuit of attractive acquisition opportunities, the development of built-to-suit U.S. Government properties and the renewal of existing leases at positive spreads. We maintain a proprietary database that tracks approximately 8,500 leases totaling approximately 200 million rentable square feet and includes substantially every major U.S. Government-leased property that meets our investment criteria as well as information about the ownership of such properties.