RV rental and outdoor rental marketplace Outdoorsy has raised $120 million in equity and debt financing, a press release says.
That encompasses a $90 million private placement equity round, which is 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.
“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, as referenced above, gives digital insurance for those who travel or own recreational vehicles. It does away with the need for the exclusion clause that currently hurts online listings, insuring things like RVs or campers as ‘rent-ready’ and adding fresh opportunities for insurance for those types of vehicles.
The new insurance products from Roamly will be offered to Outdoorsy customers and those who are buying recreational vehicles in North America. Last year they were tested for a private beta test, the press release notes.
“Customers are embracing outdoor travel at unprecedented levels. Consequently, road trips are surging in interest, and our Roamly products are experiencing strong customer adoption,” Cavins said, according to the release. “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.”
He added that RV owners had long been starved for insurance options before.
Renting RVs and other such vehicles has seen positive change due to the pandemic, with consumers beginning to shun larger packed cities and tourist attractions because of the risk of the coronavirus in 2020.