Keep pulling the thread on John Andrew.
Wander has signed the term sheet for its Series B funding round.
Wander's Series B funding round is led by QED, an internal investor that also led the company's Series A round.
Wander is currently at a $40 million GMV run rate and is targeting an $80 million GMV run rate by the end of the year.
Wander has grown the number of locations on its platform by 14x year-over-year, recently surpassing 1,000 total locations.
As a 12-month-old startup, Wander created what its CEO claims was the first-ever vacation rental REIT, using Latham & Watkins for legal, Ernst & Young for accounting, and Phoenix American as a fund administrator.
As an eight-month-old company, Wander signed a $100 million credit facility with Credit Suisse to finance home acquisitions, which was later impacted by the bank's failure.
Wander plans to add 200 to 300 new locations to its platform in the current month, representing approximately $1.5 billion in real estate value.
Wander uses a proprietary software platform called WanderOS to manage 100% of its property operations remotely, eliminating the need for local on-site property managers.
John Andrew predicts that Wander's AI agents will achieve 95% "full deflection" of operational tasks within the next 12 to 18 months.
Wander's customer cohorts from 2022 and 2023 have demonstrated a lifetime value (LTV) of over $10,000 over a three-year period.
With its latest funding round, Wander's total equity capital raised will likely exceed $100 million.
Wander's CEO John Andrew believes the minimum ARR threshold for a Series B round is currently around $5 million, with $10 to $15 million becoming the standard.