An Austin-based startup has received a $100 million credit facility in a move to double its smart vacation home portfolio.
Wander.com has received funding from Zurich-based Credit Suisse Group AG, Austin Business Journal reports. The loan will allow the company to own more properties within three hours of him being home to 80% of the US population.
This is a “transformation opportunity,” David Molotsky, Wander’s vice president of finance, told the outlet.
“As interest in domestic travel continues to grow, we are committed to meeting market demand by expanding our vacation home portfolio into incredibly new and highly desired coast-to-coast destinations. I’m here,’ he said.
Founded in May 2021, Wander launched its smart vacation home marketplace earlier this year. The app now has over 30,000 users and the company has booked over 2,000 nights for him.
Kwau De Graft Johnson, Group Managing Director at Credit Suisse, said: “I am very impressed with Wonder’s progress and execution so far. Their traction speaks volumes about the team’s expertise. “We believe there is a huge 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 the smart homes it offers for vacation rentals on its platform.
“We are seeing a tectonic shift in consumer behavior, with travelers wanting the quality of a luxury hotel and the comfort and space of a vacation home,” said Wander Chief Marketing Officer Kyle Tibbitts. Infrastructure unlocks a powerful flywheel that allows invested capital to launch new markets, and new markets open access to new customers, who invest in our ecosystem. and can drive further growth.”
— Victoria Pruitt