ir@sonder.com A key takeaway from todays news is that our ambitious growth and expansion strategy remains unchanged and should be fully-funded. The balance of the $450 million in cash is held in GM IIs trust account, in addition to $165 million raised as part of a March 2021 convertible notes offering led by Moore Strategic Ventures, the privately held investment company for Louis M. Bacon, Founder and CEO of Moore Capital Management, LP, together with the approximately $200 million in PIPE proceeds, excluding transaction expenses, will be used to fund operations and support new and existing growth initiatives. Sonders SPAC deal was first announced in April 2021. Investors should also understand that there is no guarantee that Volts investment strategies or decisions will prove to be profitable. The De-SPAC Index, which tracks 25 such companies, is down 28% in 2022. Join the Industrys Brightest Minds in New York City, Business Travelers: A Multi-Country Survey Report, Hotel Tech Benchmark: Booking Engines, Website Builders, and Direct Booking Tools 2023. Sonder was founded in Montral in 2012 by Martin Pecard, Lucas Pellan, and Davidson under the name Flatbook. 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. Shares of Gores Metropoulos II rose 0.5% in afternoon trading on Friday. 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. GM II raised $450 million through an initial public offering in January. Last year, OpenSpaces maps more than came in handy. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act. 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. 99.1 Description. We are really proud of what weve achieved to date and want to recognize the dedication of all Sonderites. The De-SPAC Index, which tracks 25 such companies, is down 28% in 2022. 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. We reported company-record quarterly revenue in Q2 and are eager to pursue continued growth, said Francis Davidson, Co-Founder and CEO of Sonder. Quarterly Results | Sonder Holdings Inc. Revenue tripled, the company said. 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. GMII dropped 5.5% today and closed at $8.86. It's like a hybrid of Airbnb and Hilton, turning apartments into hotel suites. With a differentiated, tech-driven platform and unique value proposition, were confident that becoming a public company will enable Sonder to solidify its leading position as the hospitality brand of tomorrow., Justin Wilson, Senior Managing Director at The Gores Group, added, "Sonder is a true disruptor in the travel space, with a proven ability to execute and deliver despite a very challenging period for the hospitality industry as a whole. 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. Brokerage giant Realogy struck a massive deal with MoxiWorks, a real estate software startup. Sonder. With this incremental investment, we will have ~$530M of capital at closing, in addition to up to $450M proceeds from the SPAC trust, which provides for a fully funded business plan upon closing, the SPAC said in a letter to Sonder team. 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. Registration on or use of this site constitutes acceptance of our terms of use agreement which includes our privacy policy. After a record 109 SPAC deals in March, the market cooled with just 10 deals in April, according to SPAC Research. In an investor presentation, Sonder said it generated $116.2 million in revenue in 2020 and lost $240.6 million. Zonda acquired BuzzBuzzHome, a new development listing site, for an undisclosed sum. In response to evolving market dynamics, we are also amending the terms of our merger agreement, reflecting our commitment to driving long-term value creation, transparency and stockholder alignment in this high-performing and innovative business., We continue to see a rebound in leisure travel, and we are aggressively pursuing our expansion plans and capturing significant consumer demand. SEC Filings | Sonder Holdings Inc. Your submission has been received! Many services like the front desk, concierge, customer service, cleaning are replaced with their app. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. OR 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. Our mission is really one of democratization here. Placer is based in California with an engineering team in Israel. On the other side is our expansion into the hotel business. The company says it has 500 customers, including JLL, retail center operators Brixmor and Taubman, along with Planet Fitness and Dollar General. We should be conservative.". "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. Jennifer Kwon Chou Highlights from the presentation are below. 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. The San Francisco-based travel tech and hospitality company has strong Canadian roots. We'll deliver the most current and interesting sovereign wealth and financial news straight to your inbox. Josh Scott is a BetaKit reporter focused on breaking news and telling in-depth Canadian tech stories. Sonder will merge with SPAC to go public - The Real Your goal is to grow quite rapidly and become a leading force in hospitality. The company initially sought to raise $650 million USD in cash proceeds at an enterprise value of $2.2 billion. 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. Funding: Placer.ai, a location-data startup, raised $50 million from Josh Buckley, CEO of Product Hunt; angel investor Todd Goldberg and Rahul Vohra, CEO of Superhuman, an AI-focused email startup. What we know is that we have a lot of favorable characteristics that would allow us to recover faster. Sonder is revolutionizing hospitality through innovative, tech-enabled service and inspiring, thoughtfully designed accommodations combined into one seamless experience. The Gores Group The Gores Group Portfolio The company currently operates in 70 countries, and CEO Amiad Soto said the funding will go toward market and tech expansion. 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 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. As part of the deal, Sonder will secure approximately $310 million USD in private investment in public equity (PIPE) capital and $165 million in delayed draw notes to support its new and existing growth initiatives. Sonder also expects to have approximately $310 million in private investment in public equity (PIPe) proceeds, up to $450 million in cash in Gores Metropoulos II's trust account and $165 million of delayed draw notes to fund operations and support new and existing growth initiatives. Wilson Sonsini Goodrich & Rosati, P.C. 99.2 is serving as legal advisor to Sonder. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Volt does not purport to provide any legal, tax, or accounting advice. Starting from right to left: Usually a lodging provider would need to make a trade-off in terms of these 3 dimensions of price, design, quality consistency. 2019, US$ 178.767 million (LOSS). 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. 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. 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.". Managing Director Sanford also took a smaller salary $656,480 instead of $1.5 million. Reporting by Sohini Podder in Bengaluru; Editing by Ramakrishnan M. Law firms and corporate law departments find strategic partners in ALSPs, US regulation after SVBs collapse: What regulators can do and where Congress needs to act, Ransomware & crypto: The growing compliance challenge, Insights in Action: Corporate law departments find their outside firms innovation lagging, but there may be little incentive to change, Regulators seize First Republic Bank, sell assets to JPMorgan, American Airlines pilots authorize a strike mandate, Factbox: JPMorgan's deal for collapsed First Republic explained, Exclusive: Subway comes up with debt plan to clinch $10 billion-plus sale. Why should there be a concierge desk if you can message back and forth with a concierge in the same city you're in and get immediate responses? 1, will be provided in a Current Report on Form 8-K which will be filed by Gores Metropoulos II with the SEC and will also be available at www.sec.gov. Gores SPACs High Redemptions Signal Worsening Sector Our Standards: The Thomson Reuters Trust Principles. Peter Thiel on Identifying Disruptive Companies: 10x Better than Competitors. We're a design company. !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. All material subject to strictly enforced copyright laws. In 2020, Sonder says they have 4,565 units. For proof that travel is back, look no further than Sonders $2.2 billion SPAC deal. 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. Kindred Group plc reports in accordance with IFRS and has calendar year as financial year. Goldman Sachs & Co. LLC served as exclusive financial advisor to Sonder. 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. Founded in 2014, the Israel-based company has been in growth mode. Let's find people who are in need of temporary housing, or who don't want to live with their roommates during a pandemic." The business was heavily impacted when the global pandemic brought the travel industry to a halt last year, but has rebounded as it targets millennial leisure travelers, said Chief Executive and co-founder Francis Davidson. Lodging startup Sonder agrees to go public via $2.2 bln SPAC deal During this period, the adviser was not providing advice using any models mentioned and clients results may have been materially different. 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. Driven in part by increasing supply from 12k total units (live + contracted) in 2020 to 102k total units in 2025. For more information, please visit www.gores.com. The We've always built a really financially diligent company, but we took this to the next level.