sonder spac investor presentation

The company initially sought to raise $650 million USD in cash proceeds at an enterprise value of $2.2 billion. The past 2 years have been a hard journey for the hospitality industry and Sonder not only survivedthey thrived, said ScaleUP Ventures Partner Matt Roberts, an early investor in Sonder through both BDC and later, ScaleUP. We should be conservative.". This communication is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the proposed Business Combination or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. 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. Your submission has been received! 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. However known and unknown risks and uncertainties may cause actual results to materially differ from what is expressed in such statements. We bring beautiful spaces to life. Weil, Gotshal & Manges LLP is serving as legal advisor to GM II. Yet, their recent historical growth rate has been MUCH higher than the median of each of those industries. From an overhead view, how has the pandemic changed things for the business? WebSonder Holdings, Inc., a leading next-generation hospitality company, and Gores Metropoulos II, Inc. announce closing of business combination. RELATED: Sonder lowers valuation, expectations for SPAC deal amid market conditions. It's like a hybrid of Airbnb and Hilton, turning apartments into hotel suites. Concurrently with the consummation of the transaction, additional investors have committed to participate in the proposed business combination by purchasing shares of common stock of GM II in a private placement (the PIPE). 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. Sonder forecasts their 2025 GAAP revenue to grow to a whopping $4B at a 103% CAGR (2020-2025). "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. 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%. 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. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Watch: Developer Patrick Carroll "spits" on restaurant manager, Mitsubishi UFJ to sell SF office building at expected 80% discount, Miami luxury real estate agent pleads guilty in PPP fraud case, Sonder to open in Flatiron Hotel next month. 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. Download the Sonder app on Apple or Google Play. Please contact our IR department. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. Were excited to watch them continue to expand and reshape guest stays at a global level.. In an investor presentation, Sonder said it generated $116.2 million in revenue in 2020 and lost $240.6 million. Last year, because of the pandemic, it lost almost $198 million, but projects profitability by 2023. On the other side is our expansion into the hotel business. 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. Media Contacts 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. 333-251663), which was declared effective by the SEC on January 19, 2021. Any and all subjective claims and statements made on this site regarding companies or securities are strictly the beliefs and views held by Volt and are in no way meant to be an endorsement by Volt of any company or security and nor is it meant to be a recommendation by Volt to buy, sell, or hold any security.Past performance is no guarantee of future returns. Investors We appreciate our close partnership 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, revolutionize hospitality, and deliver long-term value to shareholders., "Were proud to have partnered with Sonder and look forward to supporting their next chapter of growth," said Ted Fike, Senior Managing Director at The Gores Group. Obviously, tech and automation are part of why you have better profit margins compared to hotels. Content is subject to change without notice. But even outside of the stay, Sonder leverages home-grown technology to optimize backend operations (e.g. As a company that came to prominence with short-term rentals, can you tell me more about your hotel business? The Sonder app gives guests full control over their stay. 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. Unless otherwise noted, any performance returns presented in these materials reflect hypothetical performance. The now United States-based company has strong Canadian roots. CoStars profit machine is back in action. Placer is based in California with an engineering team in Israel. These forward-looking statements are based on Gores Metropoulos IIs or Sonders managements current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events. Volt does not seek to solicit or offer any of its products or services to any persons to whom doing so would otherwise be prohibited under the laws applicable to their place of citizenship, domicile or residence.Some of the content on this site may contain forward-looking statements, including but not limited to statements related to future expectations, based on Volts current outlook and assumptions. Goldman Sachs is advising Sonder, and Morgan Stanley is the leading adviser to Gores Metropoulos II. Why are you in such a good position to go public now when it's been a challenge across the board for your competitors? The vast majority, around 80%, of our guests are less than 50 years old. 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. 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. Gores Taking Sonder Public + Hidden SPAC Volatility Last year, OpenSpaces maps more than came in handy. press@sonder.com Sonder illustrates the downfall of 3 different product offerings in the lodging and travel space today. Sonder will merge with SPAC to go public - The Real The results presented should not be viewed as indicative of the adviser skill and do not reflect the performance results that were achieved by any particular client. Compass acquired digital closing startup Glide for an undisclosed sum. Leadership Team | Sonder Holdings Inc. Filing date. Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Citigroup, and Deutsche Bank Securities Inc. served as joint lead placement agents on the PIPE. real estate targeting, warehouse and inventory management, logistics planning, etc.). Our Standards: The Thomson Reuters Trust Principles. Why are landlords willing to fund that much capital expenditure? 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. Morgan Stanley & Co. LLC served as lead financial advisor and Deutsche Bank Securities Inc. and Citigroup served as capital markets advisors to GM II. With property level profit margins going from (54%) in 2020 to 32% in 2025. Forward-looking statements in this release include, but are not limited to, the closing of the drawdown on Sonders Delayed Draw Notes, the commencement of trading of Sonders common stock and publicly traded warrants on Nasdaq, Sonders beliefs regarding its current and future financial position, Sonders beliefs regarding its future financial and operating results and growth and the effect of the COVID-19 pandemic, its timing of recovery and the pandemics impact to Sonders business and financial position. Goldman Sachs & Co. LLC served as exclusive financial advisor to Sonder. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act. And it's typical for the landlord to fund it. Takeaway: Sonder is expecting insane levels of growth, and despite being in a capital-intensive business, sees a rapid path to profitability. Team: CEO Noam Ben-Zvi co-founded Placer with Zohar Bar-Yehuda, Oded Fossfeld, Ofir Lemel and Koby Ben-Zvi, Noams father. The SPAC merger also includes a $200 million PIPE investment from Fidelity and funds managed by BlackRock and other firms. The Hail Mary at the time was identifying other use cases. Starting from right to left: Usually a lodging provider would need to make a trade-off in terms of these 3 dimensions of price, design, quality consistency. Hypothetical model results have many inherent limitations, some of which, but not all, are described herein. As part of the amended terms of the transaction, the combined companys implied pro forma enterprise value will be $1.925 billion. 2022. We reported company-record quarterly revenue in Q2 and are eager to pursue continued growth, said Francis Davidson, Co-Founder and CEO of Sonder. Last year, Sonder reached a valuation of $1.3 billion after a funding round. Sonder is revolutionizing hospitality through innovative, tech-enabled service and inspiring, thoughtfully designed accommodations combined into one seamless experience. The idea is that Sonder is not a short-term-rental company. In the past year alone, weve launched in three additional countries and expanded our operations in dozens of other markets, and we expect to continue to scale our business and innovate to adapt to the needs of emerging traveler segments like digital nomads.. 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. Complete with self-service features, simple check-in and 24/7 on-the-ground support, amenities and services at Sonder are just a tap away, making a world of better stays open to all. 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. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. For proof that travel is back, look no further than Sonders $2.2 billion SPAC deal. In an investor presentation, Sonder said it generated $116.2 million in revenue in 2020 and lost $240.6 million. Additional risks and uncertainties are identified and discussed in Sonders reports filed and to be filed with the SEC and available at the SECs website at www.sec.gov. The hospitality startup, which leases apartments and turns them into furnished, short-term rentals, announced plans to merge with a blank-check firm backed by SPAC pioneers Alec Gores and Dean Metropoulos. Plus, a startup that tracks our cell phones raised $50M. He brings nearly two For full disclosures, please go to our Terms & Conditions page. We strongly believe that Sonder is the hospitality brand of tomorrow and have high conviction that the company will continue to grow, which is why we are increasing our initial investment, said Alec Gores, Chairman and CEO of The Gores Group and CEO of Gores Metropoulos II. Sonder 2019, US$ 142.908 million Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. We are happy to share any additional information with you on request. To learn more, visit www.sonder.com or follow Sonder on Facebook, Twitter or Instagram. The pandemic was a challenge for the entire hospitality world. Web10. Let's also plug in our technology and modernize this hotel so that the customer experience can be improved and the cost structure can go down.". !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. Opendoor Eric Wus total compensation was $370.2 million, with a base salary of $325,000. Rental Startup Sonder Agrees to Go Public in $2.2B SPAC Merger Corporate Demand Guided Expansion Strategy SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. 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. The CEOs of Opendoor and Porch saw hefty stock and options in a year when both companies went public. And when that happens if you're building a building where every unit is $500,000, spending an extra $10,000 to bring it up to Sonder standard it's easy to show the owner the benefits we bring to the table. Last week, the startup raised $55 million from investors, led by Alkeon Capital Management, with participation from Penny Pritzkers PSP Partners and others. 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. Overview | Sonder Holdings Inc. Investor Relations Resources & Information Company Overview Sonder is revolutionizing hospitality through innovative, Cosmo Specialty Fibers Sonder Hospitality - SPAC - Current. Sonder works directly with real estate developers and property owners to lease, manage and operate spaces, providing guests with exceptionally designed accommodations at affordable prices on a nightly, weekly or monthly basis. Gores Metropoulos II is a SPAC sponsored by an affiliate of The Gores Group, a Beverly Hills-based global investment firm. Goldman Sachs & Co. LLC is serving as exclusive financial advisor to Sonder. 2021. 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. 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. Chris Mammone, The Blueshirt Group 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. Volt does not seek to solicit or offer any of its products or services to any persons to whom doing so would otherwise be prohibited under the laws applicable to their place of citizenship, domicile or residence.Some of the content on this site may contain forward-looking statements, including but not limited to statements related to future expectations, based on Volts current outlook and assumptions. While the travel industry has faced headwinds with the ongoing pandemic, Sonder has continued to grow at a rapid clip, proving the resiliency of our business model and demonstrating our ability to pivot quickly to address emerging trends and traveler needs. SPAC 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. Jennifer Kwon Chou Sonder's evolving narrative (2019 Series D pitch deck vs. 2021 2021, Volt Equity (Volt). Sonder Investor Presentation (Nov 2021) - All Key Slides 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. Wu only took $189,584, however, voluntarily donating the rest to a company relief fund for affected employees. The industry leader for online information for tax, accounting and finance professionals. As part of the proposed business combination, the Company will receive approximately $110 million in incremental capital from affiliates of Gores Metropoulos II and other leading investors including Fidelity Management & Research Company LLC, funds and accounts managed by BlackRock, Atreides Management, LP, and Senator Investment Group pursuant to the New PIPEs, in addition to the $200 million Existing PIPE, which continues to be led by affiliates of Gores Metropoulos II, with participation from top-tier institutional investors including Fidelity Management & Research Company LLC, funds and accounts managed by BlackRock, Atreides Management, LP, funds and accounts managed by Principal Global Investors, LLC, and Senator Investment Group. According to Sonders calculations, the company would need to have 34,889 live units with to have a positive adjusted EBITDA of US$ 24,201,000. This interview has been edited for length and clarity. 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 full filing with the amended merger agreement is here. Additional Information and Where to Find It. The goal has always been to go public as part of the path of achieving our overall goal: the mission of the business. 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. Sonder the lodging startup known for turning properties into short-term rental buildings is going public via a special acquisition company (SPAC), Gores Download the Sonder app on Apple or Google Play. ir@sonder.com Sonder's TAM, the global lodging market, was $809B in 2019. 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. These forward-looking statements are based on Sonders managements current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events. Gores Metropoulos II stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of Gores Metropoulos II in Gores Metropoulos IIs registration statement on Form S-1 (File No. Moelis & Company LLC acted as additional financial advisor to GM II. 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. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Watch: Developer Patrick Carroll "spits" on restaurant manager, Mitsubishi UFJ to sell SF office building at expected 80% discount, Real estate lender dodges bullet after Signatures collapse. Sonder projected it will have 77,000 units within five years. However known and unknown risks and uncertainties may cause actual results to materially differ from what is expressed in such statements. Sonder Lowers Valuation to $1.9 Billion and Raises More Money 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 operates over 300 properties in 35 markets, with plans to invest in tech, expand We thought that's where the hospitality industry was bound to go and where the customer would prefer to go, but COVID has really accelerated that. In the markets that we're in we're talking about substantial investments into those local economies either through our partners or with the employees that we have on the ground. Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. Equipping the balance sheet with hundreds of millions of dollars through this transaction allows us to do that in a way that is super financially sound and finances a plan that can bring really rapid growth and investments in technology we think are really going to pay off big time. In terms of real estate supply availability, Sonder has just scratched the surface with only 0.8% of new apartment units to be contracted in their current US markets, and only 1.8% of global hotel units to be contracted. Can you talk me through your decision to go public? Latham & Watkins LLP is serving as legal advisor to the co-placement agents. The combined company will operate as Sonder Holdings, while Sonders common stock and publicly traded warrants will trade on the Nasdaq Global Select Market today under the ticker symbols SOND and SONDW, respectively. 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. The content should not be considered investment advice and is for educational purposes only. Additional information about the proposed Business Combination, including a copy of Amendment No. Rental Startup Sonder Agrees to Javascript is required for this site to display correctly. We have an exceptional team in place to drive the next chapters of growth for our organization., We continue to lead and innovate with our tech-enabled offering, inspiring design, consistent quality, and compelling value that are the hallmarks of a great modern hospitality experience, said Sanjay Banker, President and Chief Financial Officer of Sonder. The announcement follows a grueling year for hospitality. The content should not be considered investment advice and is for educational purposes only. 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). 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. UPDATE: SONDER. Now, Sonder is joining a SPAC wave that's seen deals surge to record highs this year, though momentum has slowed in recent weeks. 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 Something went wrong while submitting the form. 2008-2023 Sovereign Wealth Fund Institute. Sonder revenues are rising while its losses are widening, even as SPAC deals are coming under additional pressure. Tomorrow, GMII Gores Metropoulos II shareholders vote on their deal with Sonder (hear the podcast and see our report here). WebThe Investor Relations website contains information about Sonder Holdings Inc.'s business for stockholders, potential investors, and financial analysts. There's no Sonder city where there's no Sonder employees, so we do provide meaningful employment. We'll deliver the most current and interesting sovereign wealth and financial news straight to your inbox. Sonder will receive approximately $110 million in additional capital from affiliates of Gores Metropoulos II and other leading investors, including Fidelity press@sonder.com, Investor Contacts We have a lot of processes that are frankly akin to an investment committee at a private-equity firm. Inspirato is the innovative luxury hospitality brand that provides affluent travelers access to a managed and controlled portfolio of hand-selected vacation options, delivered through a subscription model to ensure the service and certainty that affluent customers demand. 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.
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