Skift Take
WanderJaunt declares in its sales pitch to offer its properties that it had industry-leading system economics. It does not describe, nevertheless, why it closed operations on brief notice leaving staff members, visitors, and creditors hanging.
Dennis Schaal
WanderJaunt, the Phoenix Arizona-headquartered residential or commercial property supervisor that had raised $37 million in funding and suddenly ceased operations last month, is trying to sell its possessions to settle financial institutions, Skift has actually learned.
In its business offering memorandum, which Skift got, WanderJaunt Inc. said on July 1 it transferred its properties to an unaffiliated entity, WanderJaunt LLC, to run the property sale, and to pay off creditors. The property sale is tentatively slated to go through September 8.
WanderJaunt said prior to shutting down last month it had more than 200 workers, operated more than 850 properties (some with long-term leases), and did more than $35 million in annualized income.
Investors consisted of Khosla Ventures and Founders Fund.
In its sales pitch to potential purchasers, WanderJaunt declared “best in class unit economics,” and that its first three markets, specifically Phoenix (released in 2016); Austin, Texas (2018 ); and San Diego (2019) “were all cash-flow favorable.” (See charts from the asset sale offering below.)
Source: WanderJaunt asset sale offering WanderJaunt is wishing to offer its home listing/management front end and back end, and its prices algorithm.
WanderJaunt stated the bidding procedure will be closed in that bidders will not know information about other bidders. Proceeds would go toward administering the estate and “the balance” would go to the “creditors of the estate,” the offering said.
There is no details in what WanderJaunt describes as an “interesting offering” regarding why the business shut down, providing most workers and guests a day or two notification.