Last week, the startup raised $55 million from investors, led by Alkeon Capital Management, with participation from Penny Pritzker’s PSP Partners and others. When the country went into lockdown last year, OpenSpace allowed construction bosses to monitor essential jobs remotely with its site-mapping tool. Microsoft and Facebook, up 25% from a year ago “We think the current online players are overly focused on capturing agents’ fees.”Ĭombined annual revenue of Amazon, Apple, Alphabet, “The opportunity in residential is so large and our assets have so much potential,” CEO Andy Florance said during an earnings call. The brand generates $10 million per quarter, CoStar said.
Earlier this month, the firm said it would buy for $156 million. As a part of its push into the residential sector, CoStar recently acquired Homesnap for $250 million. Overall, CoStar generated $458 million in first-quarter revenue, up 18 percent year over year. That’s relatively flat year over year and up $36 million from Q4 2020. Sonder projected it will have 77,000 units within five years.ĬoStar’s profit machine is back in action.Īfter four consecutive quarters in which its profits sagged, the real estate data giant generated $74 million in net income during the first quarter. It currently operates 8,000 (with contracts for 10,000 more). In 2020, Sonder had 5,000 units (with contracts for another 7,000). It also gave a peek at its pipeline of units. It projected $4 billion in revenues in 2025, and profitability in 2023 when it forecast $24.2 million in EBITDA. In an investor presentation, Sonder said it generated $116.2 million in revenue in 2020 and lost $240.6 million. It currently operates more than 300 properties in 35 markets. The two clear takeaways are: (1) travel is rebounding and (2) Gores and Metropoulos aren’t worried about the impending regulatory crackdown on SPACs.ĬEO Francis Davidson co-founded Sonder as a college student in Montreal in 2014. Sonder was last valued at $1.3 billion, after raising $170 million in June. The deal will give Sonder $650 million in cash to scale up. Gores Metropoulos II raised $450 million in a January IPO, and raised an additional $200 million from PIPE investors, including BlackRock, Fidelity and Senator Investment Group. 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. The pandemic disruption.” - CoStar CEO Andy Floranceįor proof that travel is back, look no further than Sonder’s $2.2 billion SPAC deal. Wu only took $189,584, however, voluntarily donating the rest to a company relief fund for affected employees. Opendoor Eric Wu’s total compensation was $370.2 million, with a base salary of $325,000. Porch’s Matt Ehrlichman’s total compensation was $16.8 million, with a base salary of $420,000. The CEOs of Opendoor and Porch saw hefty stock and options in a year when both companies went public. Sanford also took a smaller salary - $656,480 instead of $1.5 million. Kelman stuck to his word and collected a salary of $63,609 (instead of $300,000). Behind him was eXp World Holdings’ Glenn Sanford with $15.9 million and Zillow’s Rich Barton with $8.4 million. In 2020, CoStar’s Andy Florance was compensated $21.3 million, according to the company’s recently filed proxy statement. Other CEOs followed suit.īut in the end, the pandemic didn’t cause a housing meltdown or a meaningful deterioration in CEO pay. A year ago, Redfin CEO Glenn Kelman said he would forgo a salary after the tech brokerage had to furlough 40 percent of agents and staff.
0 kommentar(er)
