AUSTIN, Texas and NEW YORK, June 24,
2021 /PRNewswire/ -- Outdoorsy, the most-trusted global
online RV rental and outdoor travel marketplace, announced today
that it has raised $120 million in
equity and debt financing.
With the reopening of the U.S. economy, the additional capital will
help fuel the company as it scales its operations.
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.
About Outdoorsy
Outdoorsy is the most trusted
on-demand RV rental and outdoor travel marketplace on the planet.
Founded in 2015, we have offices worldwide in the U.S.,
Canada, Australia, France, and the UK. Our mission is to mobilize
the 54+ million idle RVs around the world to ensure everyone has
the access, choice, and opportunity to safely enjoy outdoor
experiences and travel while we empower RV owners to realize
life-changing financial benefits.
About Roamly
Roamly Insurance Group (Roamly) is owned
by Outdoorsy, one of the largest and most trusted online
marketplaces for RVs. Roamly is the first RV-focused insurtech in
the world, unlocking RV insurance to make owners' vehicles 'rent
ready.' Roamly provides unique digital insurance products that
eliminate the commercial use exclusion clause that prohibits online
renting activity. Our insurance provides the clarity that owners
need to ensure their vehicles are affirmatively allowed to be
rented on platforms like Outdoorsy.
About SiriusPoint
SiriusPoint Ltd. (SiriusPoint) is a
top 20 global insurer and reinsurer providing solutions to clients
and brokers in almost 150 countries. Bermuda-headquartered with offices around the
world, SiriusPoint is listed on the New York Stock Exchange (SPNT).
They write a global portfolio of Accident and Health, Specialty,
Property, and Runoff, combining data and creative thinking to
underwrite risks with skill and discipline. Through their
wholly-owned subsidiary International Medical Group® (IMG®), they
are an industry-leading international medical insurance, global
assistance services, and travel insurance provider. With over
$3 billion total capital,
SiriusPoint's operating companies have a financial strength rating
of A- (Excellent) from AM Best, S&P and Fitch. For more
information, please visit www.siriuspt.com.
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SOURCE Outdoorsy