Today, we are announcing that we recently closed on a Series E round of $170 million, led by Fidelity, WestCap, and Inovia Capital, which brings Sonder’s valuation to $1.3 billion. In the coming weeks, we expect to raise additional capital from new and returning investors that will bring our Series E total to around $200 million. This fundraise and valuation increase comes after the most severe downturn the hospitality industry has ever faced. While we expect the recovery from the pandemic to be long and difficult, with this latest round of funding, Sonder is well-positioned to help lead a re-invention of the travel industry in the months and years ahead.
As early pioneers in the “contactless” guest experience, we’ve been providing the kind of stays that most guests are now seeking, long before COVID-19. Whether for long or short-term, our self-contained spaces and self-service solutions — including digital check-in, keyless entry, professional cleaning, and no lines or crowded lobbies — are the foundation of what guests now demand from a hospitality company. Fully-equipped kitchens, extra living space, and private laundry, which are standard in most Sonder spaces, are an added bonus. It’s why our global occupancy rate is now consistently at 75%.