Meta M&A head quits to join proptech startup Pacaso as COO – TechCrunch

Lara Cumberland is leaving her role as head of mergers and acquisitions at Meta (formerly Facebook) to join proptech unicorn Pacaso as chief operating officer.

Cumberland first joined Meta in February 2015, most recently as Vice President of M&A Integration and Strategic Initiatives. During her time at the social media giant, she oversaw the integration of all of its global acquisitions.

Prior to joining Meta, Cumberland also worked at eBay, PayPal and IBM.

Former Zillow executives Austin Allison and (CEO and co-founder) Spencer Rascoff came up with the concept of pacaso — a real estate platform that aims to help people buy and co-own a luxury vacation home — after leaving Zillow together in 2019.

They founded the startup in 2020, launched later that year, raised $75 million at a $1 billion valuation in March 2021, then another $125 million in September at a $1.5 billion valuation.

In February, the company told TechCrunch that it generated nearly $300 million in revenue for the full year 2021, and in its first year of operation, it sold around 400 units.

With a co-ownership model made possible by the creation of a property-specific LLC, the company aims to reduce the cost and hassle of secondary ownership. It also offers second home owners an alternative option to renting out their property. The company had 120 employees last September.

Cumberland said she decided to quit her role at Meta because she believed Pacaso “is at a really exciting place in their trajectory.

“I saw a rare opportunity to bring my background and varied passions to the table,” she added.

Cumberland also noted that in her previous roles, she focused on global integrations and executing various cross-company initiatives to support a company in its growth and long-term success.

“My technology background – coupled with my track record of leading, scaling, and integrating teams – positions me well to guide Pacaso, alongside Austin and leading business leaders, in this exciting next phase,” she told TechCrunch.

Picture credits: COO Lara Cumberland/Pacaso

Cumberland joins a number of other high-level Meta executives who have left the company in the year since the company announced it would. develop its brand image and its organization around a future “metaverse”.

In late November 2021, former Messenger boss and current crypto czar David Marcus announcement he was leaving at the end of the year. Then in December, the head of Meta’s Messenger division, Stan Chudnovsky, announced in a Facebook post he would leave Meta “sometime in the second quarter of next year.”

Other executive departures have included Facebook app chief Fiji Simo, now CEO of Instacart; former Facebook Marketplace manager Deborah Liu now CEO of Ancestry.com; former chief revenue officer David Fisher; Co-founder of the Novi division Kevin Weil; VR Director Hugo Barra; 10-year veteran and former head of commercials Caroline Everson (who would have I got tired of chasing the interference for Facebook during its controversies); 13 year veteran and Technical Director Mike Schroepfer; and recently, the two David Marcus and Head of Facebook Workplace, Julien Codorniou.

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