Octane announced that that it has closed its Series E funding round with $50 million in new equity capital. Octane has raised $242 million in total equity funding to date.
The capital will fuel Octane’s expansion into new markets, supercharge its growth in existing markets and position the company even more favorably for long-term success, the company said in a release. This funding round was composed entirely of existing investors looking to increase their investment in the company. Valar Ventures led the round with participation from Upper90.
“We’re honored to strengthen our relationship with Valar and Upper90 as we bring speed and ease to the financing experience,” said Jason Guss, CEO and co-founder of Octane. “Octane’s digital tools and broad credit coverage have propelled us to become a leader in our initial market of powersports and gain significant traction in adjacent markets, like RVs. This new funding will help us build on this momentum and expand into new markets as we connect even more people with their passions.”