Venture Capital: RV Rental Platform Outdoorsy Raises $120M In Equity And Debt
The funding will help Outdoorsy to scale up its RV business and expand its insurance unit.
Online marketplace for outdoor travel and recreational vehicles (RVs) Outdoorsy announced Thursday an equity and debt financing aggregating $120 million. The company said it was continuing to experience strong growth in its core business as well as its Roamly insurtech business. (CISION PRNewswire)
Moore Strategic Ventures, ADAR1 Partners, Monashee Capital, SiriusPoint Ltd (NYSE: SPNT), and Convivialite Ventures, the corporate venture group of Pernod Ricard led a $90 million private placement equity round included in the $120 million raise. Existing investors Altos Ventures, iAngels, and Greenspring Associates also participated in the round.
Pacific Western Bank, a subsidiary of PacWest Bancorp (NASDAQ: PACW), funded the debt component of $30 million.
Use of funds
Outdoorsy plans to further scale up business on its rental platform to meet demand as the U.S. economy reopens. The company said that customers are embracing outdoor travel at unprecedented levels and consequently, road trips are surging in interest.
Outdoorsy also will invest in its new partnership with Collective Retreats.
Outdoorsy and Collective Retreats have teamed up to offer innovative road trips pairing RV rentals with memorable outdoor hospitality experiences.
Roamly
Outdoorsy will use the funding to grow its Roamly insurtech, which serves Outdoorsy’s customers and new and existing purchasers of recreational vehicles in North America.
Roamly provides digital insurance products for travelers and recreational vehicle owners, eliminating the commercial exclusion clause that traditionally inhibits online listing activity.
“Before Roamly, RV owners had very few insurance options that would allow them to rent out their RVs without violating the terms of their annual insurance policy. Roamly is solving that problem,” said Jeff Cavins, Outdoorsy’s co-founder and CEO.
“Roamly’s digital annual insurance product recently came out of beta in the U.S.,” he added.
Global (re) insurer SiriusPoint will partner with Outdoorsy on the launch of its Roamly insurtech division.
Related Story: RV Marketplace RVshare Lands $100M Round As Virus Boosts Bookings
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