Vacasa's investors are pouring an additional $64 million into the Portland vacation rental management company as it contemplates an initial public offering.

Founded in 2009, Vacasa has now raised $207.5 million altogether - all of it since 2016. The company said Thursday it will use the additional money to fund further expansion, including the acquisition of smaller rental management businesses.

"From our perspective there's always value in having a stronger balance sheet," said Eric Breon, Vacasa's founder and chief executive. He said Thursday's investment values the company at a "significantly" higher level than Vacasa's last investment, a $103.5 million round exactly one year ago. He declined, though, to put a dollar figure to the new valuation.

Vacasa manages vacation homeowners' properties and markets their rentals online, using technology to adjust pricing based on seasonal demand and other factors. It manages 10,600 rental properties in 23 states and 16 countries.

Though Vacasa hasn't disclosed financial results, the company says it has been growing at a 60 percent annual rate. That growth has been fueled, in part, by a string of several dozen acquisitions of rental management companies in popular vacation destinations.

The deals are small, typically between $500,000 and $1 million, but Vacasa said each gives the company a foothold in a new market that it uses to expand.

Vacasa has 400 employees in Portland's Pearl District, most of them in a new, showcase headquarters it opened in August. It employs more than 2,500 altogether, the majority working in cleaning or maintenance jobs in its resort destinations.

Prior Vacasa investor Riverwood Capital led Thursday's round, backed by other existing investors Level Equity, NewSpring and Assurant Growth Investing.

Vacasa signaled in May that it anticipates an IPO in the future but has given no timeline. Breon said Thursday's funding doesn't change its plans.

"I wouldn't read anything into it regarding timing of a public offering," he said.

-- Mike Rogoway | twitter: @rogoway | 503-294-7699