sonder spac investor presentation sonder spac investor presentation
WebCombination with Gores Metropoulos II . And this is kind of the force that the capital markets are, in a sense, designed to go and bet on. We bring beautiful spaces to life. In an investor presentation, Sonder said it generated $116.2 million in revenue in 2020 and lost $240.6 million. When the country went into lockdown last year, OpenSpace allowed construction bosses to monitor essential jobs remotely with its site-mapping tool. The hospitality business is expected to have a pro forma enterprise value of $2.2 billion and over $700 million of net cash at closing. Goldman Sachs is advising Sonder, and Morgan Stanley is the leading adviser to Gores Metropoulos II. Messrs. Gores and Metropoulos together have over 100 years of combined experience as entrepreneurs, operators and investors across diverse sectors including industrials, technology, media and entertainment, business services, healthcare and consumer products and services. It has also pushed back the completion of its reverse merger deal with Gores Metropoulos II, the black check company backed by the Gores Group that is taking it public, from the earlier anticipated close October 28 this year to January 31, 2022, though the two insist they will close the deal by the end of the year. The business combination was approved at a special meeting of Gores Metropoulos II stockholders on January 14, 2022. The company initially sought to raise $650 million USD in cash proceeds at an enterprise value of $2.2 billion. Opendoor Eric Wus total compensation was $370.2 million, with a base salary of $325,000. This press release contains a number of forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. It currently operates more than 300 properties in 35 markets. We're a design company. According to Sonders presentation, the company had 2,000 live units in 2018, 5,000 live units in 2019, and 4,565 live units in 2020. All Rights Reserved. Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. We believe the addition of this incremental funding brings stability and security, enabling Sonder to be appropriately capitalized to fund our continued growth over the next several years. Josh Scott is a BetaKit reporter focused on breaking news and telling in-depth Canadian tech stories. Investors should also understand that there is no guarantee that Volts investment strategies or decisions will prove to be profitable. At a valuation of ~$2B and considering their estimated 2022 revenue, Sonder's revenue multiple would fall below the median multiple of upscale lodging companies like Hilton and Mariott, just above the median multiple of digital hospitality and real estate companies like Redfin and Tripadavisor, and below the median multiple of vertical disruptors like Uber, Doordash, and Airbnb. These two things have meant that we've gone from funding 84% of the capital expenditure of the deals we did in 2019 to now funding 10%. And Adj. Sonder will merge with SPAC to Sign up for notifications from Insider! Investor That said there are some positives in the newly restructured deal between the two parties: Sonder will get an $110 million in additional capital from affiliates of Gores Metropoulos II and other leading investors, including Fidelity Management and others, in addition to the $200 million previously announced PIPE. Proptech CEO pay, the #s behind Sonders $2.2B SPAC deal In this space you will find all of our financial reports, presentations, webcasts and relevant video material. With property level profit margins going from (54%) in 2020 to 32% in 2025. Latham & Watkins LLP is serving as legal advisor to the co-placement agents. Our view was that we wanted to lean into the recovery. See here for a complete list of exchanges and delays. April 30 (Reuters) - Lodging startup Sonder, which offers refurbished properties for short-term rentals, has agreed to go public through merging with a blank-check firm backed by billionaire investors Alec Gores and Dean Metropoulos that values the combined company at around $2.2 billion. On the supply side, the new deals that we struck with real-estate owners meaningfully improved. The pandemic was such a black-swan event that now we are even more robust when it comes to down-side investment. GMII dropped 5.5% today and closed at $8.86. When used in this press release, the words estimates, projected, expects, anticipates, forecasts, plans, intends, believes, seeks, may, will, should, future, propose and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Sard Verbinnen & Co The Series D was led by Apax Digital Fund and brings Guestys total funding to more than $110 million. Sonder Revenue tripled, the company said. 2021, Volt Equity (Volt). When used in this press release, the words estimates, projected, expects, anticipates, forecasts, plans, intends, believes, seeks, may, will, should, future, propose and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The goal has always been to go public as part of the path of achieving our overall goal: the mission of the business. Amid a rebound in leisure travel demand, Sonder reported record quarterly revenue and year-over-year (YoY) growth in the third quarter of 2021, with revenue of $67.5 milliona 155 percent YoY increase, and a 43 percent increase compared to Q2 of last year. These amendments and associated incremental investments by leading institutional investors to adapt to current market conditions strongly position Sonder for long-term growth, and underscore Sonders and Gores Metropoulos IIs collective commitment to driving long-term value creation for all stockholders. In addition to the very compelling narrative and numbers presented in Sonder's investor presentation, Sonder's strategic advantage relative to both incumbents and potential new entrants makes us believe Sonder's stock has the ability generate over 1,000% return in the next 5 years. Gores Taking Sonder Public + Hidden SPAC Volatility It's a growing share for sure. What it does: The five-year-old company uses cell phone data to track pedestrian foot traffic in order to give retail and office landlords feedback on how stores and assets are doing. On top of that, I think the benefit of our technology here is that it allows us to provide a really elevated stay at a much more affordable price point. San Francisco-based Sonder Holdings Inc. (Sonder) officially launched in 2014 and was co-founded by Francis Davidson, Chief Executive Officer, and Martin Picard, Global Head of Real Estate. Sonder the lodging startup known for turning properties into short-term rental buildings is going public via a special acquisition company (SPAC), Gores is serving as legal advisor to Sonder. However, the company reported up a loss of $54.6 million for its second quarter, on an adjusted EBITDA [earnings before interest, taxes, depreciation, and amortization] basis. Something went wrong while submitting the form. The SPAC attack is back for a San Francisco-based hospitality startup. However, over the last couple of years, Sonder has begun to expand its presence in Montral once more. None of Volts proprietary content may be reproduced or referenced, in full or in part, in any other publication without the expressed written consent of Volt. Rental Startup Sonder Agrees to Kelman stuck to his word and collected a salary of $63,609 (instead of $300,000). San Francisco-based Sonder works with real estate developers, who build the properties that Sonder later operates under its brand name. Obviously, tech and automation are part of why you have better profit margins compared to hotels. The San Francisco-based travel tech and hospitality company has strong Canadian roots. Sanford also took a smaller salary $656,480 instead of $1.5 million. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading.While an option overlay is intended to improve performance, there is no guarantee that it will do so. Goldman Sachs & Co. LLC served as exclusive financial advisor to Sonder. We provide modern service through the phone, and we bring quality and standards to the industry. The US$ 200 million PIPE investment is led by an affiliate of The Gores Group, with participation from top-tier institutional investors, including Fidelity Management & Research Company LLC, funds and accounts managed by BlackRock, Atreides Management, LP, entities affiliated with Moore Capital Management, Principal Global Investors, LLC, and Senator Investment Group. The content should not be considered investment advice and is for educational purposes only. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. ir@sonder.com, For The Gores Group and affiliates: The Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Citigroup and Deutsche Bank Securities Inc. are serving as joint lead placement agents on the Existing PIPE. The company currently operates in 70 countries, and CEO Amiad Soto said the funding will go toward market and tech expansion. Lodging startup Sonder agrees to go public via $2.2 bln SPAC deal To learn more, visit www.sonder.com or follow Sonder on Facebook, Twitter or Instagram. SPACs are shell companies that raise funds to take a private company public through a merger at a later date. Investor SPAC Investor Contacts I sign off in DocuSign on a summary of all the deals. Gores Group, a prolific dealmaker in the space, has raised 13 special purpose acquisition companies (SPACs) so far. The pandemic was a challenge for the entire hospitality world. We reported company-record quarterly revenue in Q2 and are eager to pursue continued growth, said Francis Davidson, Co-Founder and CEO of Sonder. Over the course of their careers, Messrs. Gores and Metropoulos and their respective teams have invested in more than 180 portfolio companies through varying macroeconomic environments with a consistent, operationally-oriented investment strategy. Forward-looking statements included in this document speak only as of the date of this document. This works really well for apartments, which is where we got started, but we realized that we could actually do this and operate hotels more effectively. Please contact our IR department. Volt does not purport to provide any legal, tax, or accounting advice. Portfolio 2018, US$ 68 million, Net Income As previously announced on April 30, 2021, Sonder entered into an agreement to combine with GMII. Quarterly Results | Sonder Holdings Inc. Gores Metropoulos II raised $450 million in a January IPO, and raised an additional $200 million from PIPE investors, including BlackRock, Fidelity and Senator Investment Group. It's a really robust process to ensure that we're covered on the downside and that we only take on properties that are going to be really, really profitable and valued by our guests. It projected $4 billion in revenues in 2025, and Below are the highlights from the presentation. Unless otherwise noted, any performance returns presented in these materials reflect hypothetical performance. Sonder Holdings Inc. and Gores Metropoulos II Announce The content and proprietary research found on this site, unless stated otherwise, has been entirely produced by Volt. The new funding raised will help continue to focus on building the company and hopefully keep the economics in check enough to complete the deal. Goldman Sachs serves as the financial advisor to Sonder, while Morgan Stanley is the lead financial advisor to Gores Metropoulos. Yet, their recent historical growth rate has been MUCH higher than the median of each of those industries. The company initially sought to raise $650 million USD in cash proceeds at an enterprise value of $2.2 billion. But Sonder is able to score well on all 3 dimensions. Oops! Gores Metropoulos II stockholders and other interested persons are advised to read, when available, the Registration Statement and the proxy statement/consent solicitation statement/prospectus, as well as any amendments or supplements thereto, because they will contain important information about the proposed Business Combination. Stay up to date with what you want to know. Although the travel sector still faces strong headwinds due to COVID-19, Davidson said the company remains aggressively optimistic on the future of travel, citing Sonders record Q2 and Q3 2021 performance as evidence of the resiliency of its business.