sonder spac investor presentation

Click here to join the thousands of knowledgeable readers who subscribe to Future City. !function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"])for(var e in a.data["datawrapper-height"]){var t=document.getElementById("datawrapper-chart-"+e)||document.querySelector("iframe[src*='"+e+"']");t&&(t.style.height=a.data["datawrapper-height"][e]+"px")}}))}(); We appear to be moving pastthe pandemic disruption. So now it's about 50% of our business. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Goldman Sachs & Co. LLC served as exclusive financial advisor to Sonder. 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. Sonder revenues are rising while its losses are widening, even as SPAC deals are coming under additional pressure. The business combination was approved at a special meeting of Gores Metropoulos II stockholders on January 14, 2022. Meaning, you can perform well in 2 dimensions but not in all 3. Sonders common stock to commence trading on the Nasdaq under ticker SOND on January 19, Approximately $310 million PIPE capital from leading investors including affiliates of Gores Metropoulos II, Fidelity Management & Research LLC, funds and accounts managed by subsidiaries of BlackRock, Inc., Atreides Management, LP, and Senator Investment Group, Sonder to draw on $165 million in principal amount of Delayed Draw Notes following the closing of the business combination. The way Sonder achieves this is through cutting out the fat in the hospitality industry through technology. A trend that I've been watching the development of is the "digital nomad," where remote workers move between different cities instead of settling down in one location. When used in this press release, the words estimates, projected, expects, anticipates, forecasts, plans, intends, believes, seeks, may, will, should, future, propose and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Seller Rollover Equity, US$ 2,177 million. Oops! Gores Metropoulos II, Inc. (Nasdaq: GMIIU, GMII and GMIIW), a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, a global investment firm founded in 1987 by Alec Gores, and by an affiliate of Dean Metropoulos of Metropoulos & Co., announced that they have entered into a definitive agreement to combine with Sonder. Sonder projected it will have 77,000 units within five years. The Registration Statement is not yet effective. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. GoresGroup-SVC@sardverb.com, Internet Explorer presents a security risk. Unless otherwise noted, any performance returns presented in these materials reflect hypothetical performance. 0001819395-23-000056.pdf. 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. We should be conservative.". Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. is serving as legal advisor to Sonder. Gores and Metropoulos facilitated an IPO for lidar sensor maker Luminar Technologies last August in a nearly $2.9 billion merger with a different SPAC. Our Standards: The Thomson Reuters Trust Principles. We really skew toward Gen Z and millennials, where there's an expectation that these categories will come back. The father and son were also co-founders of BlueTail, a social media marketing startup acquired by Salesforce in 2012. Yet, their recent historical growth rate has been MUCH higher than the median of each of those industries. Sonder One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. All this allows them to cut down on operating costs by as much as ~50%. Behind him was eXp World Holdings Glenn Sanford with $15.9 million and Zillows Rich Barton with $8.4 million. Hypothetical model results have many inherent limitations, some of which, but not all, are described herein. Proptech CEO pay, the #s behind Sonders $2.2B SPAC deal Sonder had to lay off or furlough one-third of its workforce last spring, while some of its highest-profile competitors were forced to shutter (Lyric) or pivot their business models after layoffs (Zeus Living). 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. And this is kind of the force that the capital markets are, in a sense, designed to go and bet on. And improving their Revenue per Available Room (RevPAR) from $74 to $165. Chris Mammone, The Blueshirt Group For Sonder: Global Wealth Conferences - SWFI Event Series, Money Losing, Short Term Rental Platform Sonder Gets Saved by Gores SPAC. We provide modern service through the phone, and we bring quality and standards to the industry. Today is a historic moment for the entire Sonder team and a testament to how weve revolutionized the hospitality industry by reimagining and delivering what the modern traveler demands. After four consecutive quarters in which its profits sagged, the real estate data giant generated $74 million in net income during the first quarter. On the other side is our expansion into the hotel business. makes us believe Sonder's stock has the ability generate over 1,000% return in the next 5 years. 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. Placers data helped them understand and navigate the change.. 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. Two is that the vast majority of our travelers are domestic, not international. Past investors in Sonder include Atreides Management, LP, Bezos Expeditions, GreenOaks, Fidelity Management & Research, GreyLock Partners, iNovia, Spark Capital, Tao, Valor Equity Partners, Westcap, and the Wilson family. SEC Filings | Sonder Holdings Inc. Many services like the front desk, concierge, customer service, cleaning are replaced with their app. All quotes delayed a minimum of 15 minutes. WebHis areas of focus include defining Sonders overall product strategy, maximizing the impact of tech investments and leading the delivery of product roadmaps. The deal would value Sonder at $2.2 billion, almost $1 billion more than its June valuation of $1.3 billion, and includes $650 million in total cash proceeds. There's nothing like it. GAAP Revenue Sonder the lodging startup known for turning properties into short-term rental buildings is going public via a special acquisition company (SPAC), Gores Metropoulos II, that values the newly combined company at $2.2 billion, Sonder announced Friday.. All Rights Reserved. The company projects GAAP revenue, a standardized accounting measure, to increase from $116 million last year to almost $4 billion in 2025. It projected $4 billion in revenues in 2025, and profitability in 2023 when it forecast $24.2 million in EBITDA. Driven in part by increasing supply from 12k total units (live + contracted) in 2020 to 102k total units in 2025. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. 2021. OR "I think you can view us as a next-generation Marriott," Davidson said, adding that Sonder partners with companies including Expedia Group Inc (EXPE.O), Airbnb Inc (ABNB.O) and Booking.com to reach out to customers. Sonder is revolutionizing hospitality through innovative, tech-enabled service and inspiring, thoughtfully designed accommodations combined into one seamless experience. The Gores Group In the past few years, we've shifted away from trying to get into existing buildings that are up and running, but rather working with developers to build new ones or do really substantial renovations on older ones. You can read more of our analysis on Sonder's strategic position vs. hotels in this post. Except as required by law, neither Gores Metropoulos II nor Sonder undertakes any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this release. Stanza Living, an India-based co-living company, raised a $102M Series B. The company says it has 500 customers, including JLL, retail center operators Brixmor and Taubman, along with Planet Fitness and Dollar General. And it's typical for the landlord to fund it. 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. Opendoor tapped Squares Mike Cieri as vice president of product for its buyer team. The SPAC attack is back for a San Francisco-based hospitality startup. u2014 CoStar CEO Andy Florance. Morgan Stanley & Co. LLC is serving as lead financial advisor and Deutsche Bank Securities Inc. and Citigroup are serving as capital markets advisors to Gores Metropoulos II. Additionally, the parties agreed to extend the Merger Agreement end date from October 28, 2021 to January 31, 2022 after which Gores Metropoulos II and Sonder would have the right to terminate the Merger Agreement if the proposed business combination has not been consummated by January 31, 2022. Volt does not purport to provide any legal, tax, or accounting advice. Weil, Gotshal & Manges LLP is serving as legal advisor to GM II. Managing Director All pictures below are taken from Sonder's investor presentation, the entirety of which can be downloaded from Sonder's investor relations page. After the tough year that we've been through, there's one approach, which is stepping back and saying, "Hey, this is rough. It operates over 300 properties in 35 markets, with plans to invest in tech, expand Sonder announced that it's going public via a SPAC deal that values the company at $2.2 billion. There's no product out there that is as high quality, consistent, affordable, and perfectly well set up to work while you're on the road. 2019, US$ 178.767 million (LOSS). The pandemic was such a black-swan event that now we are even more robust when it comes to down-side investment. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues. Sonder the lodging startup known for turning properties into short-term rental buildings is going public via a special acquisition company (SPAC), Gores Get research, business strategy, and tech analysis delivered to your inbox. The deal would value Sonder at $2.2 billion, almost $1 billion more than its June valuation of $1.3 billion, and includes $650 million in total cash proceeds. Finsbury Glover Hering Thank you! Investing involves risk and possible loss of principal capital. Proptech CEO pay, the Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. Investors should also understand that there is no guarantee that Volts investment strategies or decisions will prove to be profitable. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Three is demographics. The now United States-based company has strong Canadian roots. So we think there's actually been a leapfrogging of behavior that maps really closely to the way that we've been operating our business. 1 to Agreement and Plan of Merger, dated as of October 27, 2021, by and among Gores Metropoulos II, Sonder and the other parties to the Merger Agreement (such amendment, Amendment No. The SPAC merger also includes a $200 million PIPE investment from Fidelity and funds managed by BlackRock and other firms. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Gores Metropoulos II stockholders in connection with the proposed Business Combination and other matters to be voted upon at the Special Meeting will be set forth in the Registration Statement for the proposed Business Combination when available. However, in October, the firm scaled down its valuation to $1.9 billion in light of market conditions. Sonder's CEO called the listing a historic moment for the company. Additional information about the proposed Business Combination, including a copy of Amendment No. Investors should be aware of the inherent risks involved in investing in the markets and that past performance is not an indication of future results. April 19, 2023. Thats relatively flat year over year and up $36 million from Q4 2020. We delivered record quarterly revenue in both Q2 and Q3 and we remain aggressively optimistic on the future of travel, said Francis Davidson, Co-Founder and Chief Executive Officer of Sonder. It currently operates more than 300 properties in 35 markets. Sign up for notifications from Insider! 310-209-3010 As previously announced on April 30, 2021, Sonder entered into an agreement to combine with GMII. Sonder forecasts their 2025 GAAP revenue to grow to a whopping $4B at a 103% CAGR (2020-2025). British Land, the U.K.s largest REIT, sold its property management platform to Australia-based Equiem. He brings nearly two SPAC Additional risks and uncertainties are identified and discussed in Gores Metropoulos IIs reports filed with the SEC and available at the SECs website at www.sec.gov. Highlights from the presentation are below. We saw that there's a chance that this would spread to the US and our core markets, and if that happened, we needed to be ready to respond. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. We are really proud of what weve achieved to date and want to recognize the dedication of all Sonderites. RELATED: Sonder lowers valuation, expectations for SPAC deal amid market conditions. Sard Verbinnen & Co Gores Metropoulos II stockholders will also be able to obtain copies of the definitive proxy statement/consent solicitation statement/prospectus, without charge, once available, at the SECs website at www.sec.gov or by directing a request to: 6260 Lookout Road, Boulder, CO 80301, attention: Jennifer Kwon Chou, or by contacting Morrow Sodali LLC, the Companys proxy solicitor, for help, toll-free at (800) 662-5200 (banks and brokers can call collect at (203) 658-9400). We spoke with Sonder's Francis Davidson about the deal and his outlook on the hospitality industry. Sonder, the hospitality technology company, announced on Friday that it plans to go public via a SPAC deal with Gores Metropoulos II, a blank-check company sponsored by the private-equity firm The Gores Group and the billionaire Dean Metropoulos. Sonder began trading on the Nasdaq this morning, after completing its previously announced business combination with Gores Metropoulos II, a California-based special purpose acquisition company (SPAC). Terms werent disclosed. 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. The idea of contactless service and skipping the front desk and going straight to your room are things that are now sought out by a larger share of consumers. For Sonder: A key takeaway from todays news is that our ambitious growth and expansion strategy remains unchanged and should be fully-funded. Sonder is a hospitality company focused at short-term rentals. Josh Scott is a BetaKit reporter focused on breaking news and telling in-depth Canadian tech stories. With the Gores team and with our business combination completed, Sonder now has a very strong balance sheet to aggressively pursue our ambitious growth strategy, said Banker. We've never thought of positioning the business for a quick acquisition. These margins being driven by post-COVID recovery, better lease agreements, and RevPAR and Property Level Cost initiatives. GM II raised $450 million through an initial public offering in January. Sonder Discovers Growth Comes at Proptech was no exception, with 15 new SPACs in February followed by 16 in March and just one so far in April, according to TRDs SPAC tracker. ir@sonder.com, For The Gores Group and affiliates: Sonder will merge with SPAC to SPAC Morgan Stanley & Co. LLC is serving as lead financial advisor and Deutsche Bank Securities Inc. and Citigroup are serving as capital markets advisors to GM II. Gores Metropoulos II, Inc. (Nasdaq: GMII, GMIIW, and GMIIU) is a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, a global investment firm founded in 1987 by Alec Gores, and by an affiliate of Metropoulos & Co. whose Principals are Dean, Evan and Daren Metropoulos. Leadership Team | Sonder Holdings Inc. Gores Metropoulos II was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Access exclusive travel research, data insights, and surveys. 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. Hospitality - SPAC - Current. Please contact our IR department. And this is really the purpose that the technology serves. During this period, the adviser was not providing advice using any models mentioned and clients results may have been materially different. The Sonder app gives guests full control over their stay. We are happy to share any additional information with you on request. Were excited to watch them continue to expand and reshape guest stays at a global level.. 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. Overall, CoStar generated $458 million in first-quarter revenue, up 18 percent year over year. In an investor presentation, Sonder said it generated $116.2 million in revenue in 2020 and lost $240.6 million. GORES HOLDINGS IX, INC. Gores Holdings IX, Gores fourteenth special purpose acquisition company, completes $525 Million IPO. Hypothetical strategies and indices presented are unmanaged, do not reflect any fees, expenses, transaction costs, commissions or taxes, and one cannot invest directly in any of these. 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 $67.5 milliona 155 percent YoY increase, and a 43 percent increase compared to Q2 of last year. 2020, US$ 116.153 million 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. Instantly search thousands of Decks by world-leading companies on Slidebook SPAC December 2016 Despegar Mergers and Acquisitions Sonder Start Up January 2019 Related decks Tripadvisor Investor The company initially sought to raise $650 million USD in cash proceeds at an enterprise value of $2.2 billion. Your goal is to grow quite rapidly and become a leading force in hospitality. SPAC Cash in Trust, US$ 450 million To ensure the most secure and best overall experience on our website, we recommend the latest versions of. The deal will give the combined entity an enterprise value of about $2.2 billion, according to a statement Friday that confirmed an earlier Bloomberg News report. The content and proprietary research found on this site, unless stated otherwise, has been entirely produced by Volt. 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. 2021, Volt Equity (Volt). Thank you! It's joining others in the real-estate tech world, such as WeWork, iBuyer Opendoor, and property-management technology company SmartRent. 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. It's like a hybrid of Airbnb and Hilton, turning apartments into hotel suites. The idea is that Sonder is not a short-term-rental company. 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. See here for a complete list of exchanges and delays. Wilson Sonsini Goodrich & Rosati, P.C. However, over the last couple of years, Sonder has begun to expand its presence in Montral once more. The startups early investors include BDC Capital, Spark Capital, Thayer Ventures, ScaleUP Ventures, and Real Ventures.

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