One of the most successful startups to launch in Canada in the past decade, travel accommodations provider Sonder Holdings Inc., laid out aggressive growth plans Friday as it announced it will go public on Nasdaq.
Sonder, which was founded by Canadian Francis Davidson during his freshman year at Montreal’s McGill University in 2012 and moved to San Francisco in 2016, said it will merge with Gores Metropoulos II, Inc. The deal gives it US$650-million of cash held by the special purpose acquisition company, an enterprise value of US$2.2-billion and equity valued at US$2.9-billion.
Existing Sonder investors, including Canada’s Inovia Capital Growth Fund I, will retain 74-per-cent ownership.
The deal, which has yet to be approved by GM II shareholders, is expected to close in the second half of this year. It has been unanimously approved by boards of Sonder and GM II.
“I’ve wanted to build an iconic 21st-century brand … and…