Porchs Matt Ehrlichmans total compensation was $16.8 million, with a base salary of $420,000. SAN FRANCISCO & LOS ANGELES--(BUSINESS WIRE)--Sonder Holdings Inc. (Sonder'' or the Company), a leading next-generation hospitality company that is redefining the guest experience through technology and design, today announced that it completed its previously announced business combination with Gores Metropoulos II, Inc. (Nasdaq: GMII, GMIIW, and GMIIU) (GM II), a special purpose acquisition company sponsored by affiliates of The Gores Group, LLC, and Metropoulos & Co. Seller Rollover Equity, US$ 2,177 million. The Series D was led by Apax Digital Fund and brings Guestys total funding to more than $110 million. We could partner with independent hotel owners and figure out a way to say, "Hey, let's put our design capabilities in here to uplift the aesthetics of the property to attract our modern travelers. GORES HOLDINGS IX, INC. Gores Holdings IX, Gores fourteenth special purpose acquisition company, completes $525 Million IPO. Now, roughly 50% of our growth is conversion of independent hotels into Sonder hotels. Sonder the lodging startup known for turning properties into short-term rental buildings is going public via a special acquisition company (SPAC), Gores However, in October, the firm scaled down its valuation to $1.9 billion in light of market conditions. Plus, a startup that tracks our cell phones raised $50M. It's early to say how large that demographic is going to be in the years to come, when the world is reopened and offices are reopened, but it's going to be more than what it was before the pandemic. WebSeptember 27, 2007 - The Gores Group, LLC and Investors Complete Purchase of Compudyne Corporation; August 7, 2007 - Compudyne Corporation Agrees to be Acquired by Investor Group for $7.00 Per Share in Cash . Moelis & Company LLC acted as additional financial advisor to GM II. New PIPE Investment, US$ 200 million All Rights Reserved. February 24, 2022 Updated: March 3, 2022 Leading up to Sonder's SPAC merger with Gores Metropoulos II, Sonder gave an investor presentation in November WebReports & Presentations. The landlord is funding it. Takeaway: Even with Sonder's phenomenal historical growth (and jaw-dropping estimated future growth), there will still be a LOTof room for even more growth in this core lodging market for many years to come. Jennifer Kwon Chou Moreover, Sonder has signed a non-binding term sheet for Delayed Draw Notes of $220 million with existing PIPE investors, to be available following the closing of the proposed business combination, which enables the Company to fund its growth over the next several years. 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. Francis Davidson co-founded the company in 2014 while managing several apartments in Montreal as a university student. We're not cutting a check 90% of the time now when a property opens. We really wanted to build an iconic 21st-century brand, and this is just one of the transitions that are required for it to make that happen. From an overhead view, how has the pandemic changed things for the business? We have built technology that our guests can benefit from, like the mobile app where you can manage your entire stay. WebInvestor Presentation (March 2023)21.8 MB 3Q22 Shareholder Letter5.8 MB 2Q22 Shareholder Letter6.5 MB Cash Flow Positive Plan Presentation1.4 MB 1Q22 Placers data helped them understand and navigate the change.. It projected $4 billion in revenues in 2025, and profitability in 2023 when it forecast $24.2 million in EBITDA. Form. British Land, the U.K.s largest REIT, sold its property management platform to Australia-based Equiem. 2021. Overview | Sonder Holdings Inc. Investor Relations Resources & Information Company Overview Sonder is revolutionizing hospitality through innovative, All Rights Reserved. [email protected] Team: CEO Noam Ben-Zvi co-founded Placer with Zohar Bar-Yehuda, Oded Fossfeld, Ofir Lemel and Koby Ben-Zvi, Noams father. Chris Mammone, The Blueshirt Group These risks, uncertainties, assumptions and other important factors include, but are not limited to: (a) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement (as amended by that certain Amendment No. Sonder revenues are rising while its losses are widening, even as SPAC deals are coming under additional pressure. No affiliation or endorsement, express or implied, is provided by their use. Second-home startup Pacaso hired as head of industry relations. Also, securities and options traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk.The content on this site is not intended to serve as financial advice nor should it be the sole basis for any investment decisions. Sonder recently took over the Flatiron Hotel in New York City as part of its model to lease, refurbish and rent short- and medium-stay rooms. On the supply side, the new deals that we struck with real-estate owners meaningfully improved. Portfolio Proptech CEO pay, the To ensure the most secure and best overall experience on our website, we recommend the latest versions of. Sonder Discovers Growth Comes at The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Jennifer Kwon Chou WebHis areas of focus include defining Sonders overall product strategy, maximizing the impact of tech investments and leading the delivery of product roadmaps. Two years later, the firm moved its headquarters to San Francisco and incorporated in the US, in pursuit of international investors. I sign off in DocuSign on a summary of all the deals. To learn more, visit www.sonder.com or follow Sonder on Facebook, Twitter or Instagram. 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. Sonder recently announced its entry into France with the opening of a property in Paris near the iconic Champs-lyses, as well as large expansions of its operations in the Middle East and Mexico. Utilizing an option overlay strategy involves the risk that as the buyer of a put or call option, the buyer risks losing the entire premium invested in the option if the buyer does not exercise the option. makes us believe Sonder's stock has the ability generate over 1,000% return in the next 5 years. As part of the SPAC deal, Sonder will retain its management team: Davidson will stay on as CEO, and Sanjay Banker will continue to serve as president and CFO. So now it's about 50% of our business. The now United States-based company has strong Canadian roots. SPACs are shell companies that raise funds to take a private company public through a merger at a later date. And it's typical for the landlord to fund it. [email protected], John Christiansen/Cassandra Bujarski/Kate Gorgi In the next three to five years, we expect to be truly global with presence in Latin America and the Asia-Pacific region., RELATED: All signs point to Montral as home of Sonders second headquarters. Sonder was last valued at $1.3 billion, after raising $170 million in June. Investors Goldman Sachs & Co. LLC served as exclusive financial advisor to Sonder. Thats relatively flat year over year and up $36 million from Q4 2020. This kind of financial discipline, with a really rapid response to the pandemic, has meant that we've been able to outperform a lot of the competition and be in a relatively strong position.