Outdoorsy, an online RV rental and outdoor travel marketplace, announced in a news release that it has raised $120 million in equity and debt financing.
The $120 million raise includes a $90 million private placement equity round led by Moore Strategic Ventures, ADAR1 Partners, Monashee Capital, SiriusPoint Ltd, (NYSE: SPNT), and Convivialite Ventures, the corporate venture group of Pernod Ricard, with participation from existing investors Altos Ventures, iAngels, and Greenspring Associates. Pacific Western Bank provided the $30 million debt facility.
With the reopening of the U.S. economy and the international markets the company serves, the additional capital will help fuel the company as it scales its operations. Outdoorsy also plans to use the funding to drive its growth and expansion of Roamly, the company’s innovative insurtech business.
“We continue to experience strong growth in both our core business as well as in our Roamly business,” says Jeff Cavins, Outdoorsy’s co-founder and CEO. “Roamly’s digital annual insurance product recently came out of beta in the U.S.”
Roamly provides innovative digital insurance products for travelers and recreational vehicle owners, eliminating the commercial exclusion clause that traditionally inhibits online listing activity. Roamly insures RVs and campers as ‘rent ready,’ fostering a whole new era of economic opportunity for owners of recreational vehicles. “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,” says Cavins.
Cavins continued: “Customers are embracing outdoor travel at unprecedented levels. Consequently, road trips are surging in interest, and our Roamly products are experiencing strong customer adoption. Additionally, this new capital will catalyze Roamly’s expansion and support the launch of Roamly in Europe, as well as aid in the expansion of Outdoorsy’s new accommodations venture with Collective Retreats, a luxurious reimagining of the outdoor accommodations space.”
Roamly’s new insurance products launched in private beta last year and will be marketed to Outdoorsy’s customers and new and existing purchasers of recreational vehicles in North America.
Owners in the Outdoorsy marketplace use Roamly to insure their assets for use on Outdoorsy and are now building out fleets to keep up with expanding renter demand, leveraging Roamly as the key component of their business development strategies.
Global (re) insurer SiriusPoint will be partnering with Outdoorsy on the launch of their new insurtech division. “We are excited to support Roamly and the fast growth the company is experiencing through our strategic partnership. This includes our participation in the company’s equity round and a commercial agreement to support the development of insurance products that serve their customers’ needs,” says Sid Sankaran, Chairman and CEO of SiriusPoint. “Roamly’s market prospects and the speed of the company’s growth are global. The unique approach that Roamly has taken with its product innovation is a first-of-its-kind offering in the global market for recreational assets.”
“We have been working with Outdoorsy since the company relocated its global headquarters to Austin, and we are excited to continue the strong collaboration with the company as they continue their rapid global growth,” says Steven DiPasqluie, Managing Director, Technology Banking at Pacific Western Bank.
Earlier this month, Outdoorsy announced it is expanding its outdoor experiences portfolio by partnering with outdoor luxury accommodations operator Collective Retreats. The partnership will transform the rapidly growing outdoor hospitality market by developing new accommodations and outdoor services. The companies will work jointly to build a suite of offerings designed to cater to road travelers and guests looking for an elevated outdoor accommodation experience. With nature as the next great travel frontier, Outdoorsy and Collective Retreats aim to be the category pioneer and leader, setting the bar for what best-in-class outdoor travel and accommodations look like.