search

The Real Deal Logo

Trending

Major developers are converting South Florida malls into mixed-use projectsMajor developers are converting South Florida malls into mixed-use projectsGlossier founder is buyer of $22M Brooklyn townhouseGlossier founder is buyer of $22M Brooklyn townhousePrada buys retail condo on Billionaires’ RowPrada buys retail condo on Billionaires’ RowAnywhere says bring on the broker commission reckoningAnywhere says bring on the broker commission reckoning
Residential
Austin

Smart-home rental startup secures $100M credit

Credit Suisse Group granted the credit for Wander.com

Wander's David Molotsky and Wander Smart Homes (Wander.com, Instagram/dmmolotsky)
Wander's David Molotsky and Wander Smart Homes (Wander.com, Instagram/dmmolotsky)

An Austin-based startup received a $100 million credit facility in a move that will double the company’s smart vacation home portfolio.

Wander.com received the funding from Zurich-based Credit Suisse Group AG, the Austin Business Journal reported. The credit will enable the company to have more properties located within a three-hour drive of 80 percent of the nation’s population.

It’s a “transformational opportunity,” David Molotsky, vice president of finance at Wander, told the outlet.

“As the interest in domestic travel continues to compound, we’re committed to meeting the demand in the market by scaling our portfolio of vacation homes to incredible new, highly-desired coast-to-coast destinations,” he said.

Wander was founded in May 2021 and launched its marketplace of smart vacation homes earlier this year. The app now has more than 30,000 users, and the company has booked more than 2,000 night stays.

Sign Up for the undefined Newsletter

“We were very impressed with Wander’s progress and execution to date, and their traction speaks volumes about the expertise of their team,” Kwaw de Graft-Johnson, a managing director in the group at Credit Suisse, told the outlet. “We see an enormous opportunity set in front of the company, as new consumer travel behaviors and remote work continue to accelerate the shift from hotels to vacation rentals.”

Wander owns all of the smart homes it offers for vacation rentals on its platform.

“We’re seeing a tectonic shift in consumer behavior, where travelers are demanding the quality of a luxury hotel paired with the comfort and space of a vacation home,” Kyle Tibbitts, chief marketing officer at Wander, said in a release. “This foundational financial infrastructure unlocks a powerful flywheel where invested capital allows us to launch new markets, new markets open up access to new customers and those customers can invest back into our ecosystem to drive more growth.”

Read more

— Victoria Pruitt

Tags
Short Term Rentals