Outdoorsy raises $120 million
P2P marketplace for RV rental Outdoorsy announced 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 , 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.
Outdoorsy plans to use the funding to drive its growth and expansion of Roamly , a provider of digital insurance products for travelers and recreational vehicle owners. 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.
“We continue to experience strong growth in both our core business as well as in our Roamly business. Roamly’s digital annual insurance product recently came out of beta in the U.S. 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. 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.” – Jeff Cavins, Outdoorsy’s co-founder and CEO.
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. 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.” – Sid Sankaran, Chairman and CEO of SiriusPoint.
“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.” – Steven DiPasqluie, Managing Director, Technology Banking at Pacific Western Bank.