The Pacaso Pitch Deck raised $72 million from 17,500 investors

Have you heard of Reg A? Neither did Austin Allison – until he used her to fund Pacaso, a luxury vacation home real estate startup.

Allison, co-founder and CEO of Pacaso, started the company with Spencer Rascoff. They were both veterans of the real estate and consumer technology industries when they launched Pacaso in 2020.

Pacaso is a luxury vacation home co-ownership platform. The company facilitates the sale of properties in vacation destinations like Jackson Hole, Tuscany and Napa, which are acquired through property-specific LLCs. Unlike timeshare, which allows multiple users to use a property for a set amount of time each year, Pacaso allows customers to share the equity in their properties.

The company reached a billion-dollar valuation just five months after its launch, and at the time, it was the fastest startup in the United States to reach unicorn status. Its current valuation is just under $1 billion, company representatives told Business Insider.

The couple initially funded Pacaso the traditional way, raising nearly $220 million over four years from investors like SoftBank, Fifth Wall, Greycroft and Maveron. In 2024, they began to consider other options because, Allison said: venture capital suddenly felt limited.

“Traditional venture capital rounds put one or two investors on your cap table,” Allison told Business Insider.

The company wanted more eyeballs on its platform.

They came across Reg A, a securities exemption that allows startups to raise up to $75 million over a 12-month period through a form of equity crowdfunding.

It works like a mini-IPO, allowing companies to raise funds from both accredited and non-accredited investors – unlike Regulation D, which limits participation to accredited investors – while avoiding many of the regulatory hurdles associated with a full public offering.

Allison said Reg A presented “a unique way to raise capital while simultaneously expanding brand awareness and customer acquisition.”

“It’s a “kill two birds with one stone” approach,” he added.

Pacaso’s team spent about six months preparing before officially launching their Reg A campaign, which included completing a specialized pitch deck.

Unlike a standard pitch deck designed for investors, this one had to appeal to the masses. “We wanted to make sure our presentation was very compliant, very publicly accessible and accurate,” Tom Mulholland, senior director of strategic initiatives and capital deployment at Pacaso, told Business Insider.

The campaign was open between October 1, 2024 and September 18, 2025. During this period, the company prepared four or five different versions of its deck. Mulholland said the team wrote it largely based on top questions received from potential investors.

The company distributed the game on its website. He also hosted investor webinars — which attracted thousands of viewers during the raise — during which Pacaso’s CEO, CFO and president walked through the presentation and answered questions, Mulholland said.

By the end of the campaign, Pacaso had nearly reached the $75 million cap, raising money from 17,500 investors. The minimum investment was just over $1,000. Allison said the average investment received was just over $4,000.

The campaign attracted a wide range of investors, but the typical demographic overlapped with the company’s customer profile: high-net-worth individuals ages 45 and older, with a household income of $500,000 or more, Allison said.

“Only a handful of companies have ever raised more than $70 million through Reg A – we’re in the top four. The average Reg A raise is closer to $16 million, so our campaign far exceeded expectations,” Allison said. “Many investors have become customers.”

See Pacaso’s pitch deck below.