Outdoorsy has announced that it has raised $120 million in equity and debt financing. The $120 million includes a $90 million private placement equity round led by Moore Strategic Ventures, ADAR1 Partners, Monashee Capital, SiriusPoint Ltd, 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 insurtech business.
“We continue to experience strong growth in both our core business as well as in our Roamly business,” said Jeff Cavins, Outdoorsy’s co-founder and CEO. “Roamly’s digital annual insurance product recently came out of beta in the U.S.”
The company said Roamly provides innovative digital insurance products for travelers and RV owners, eliminating the commercial exclusion clause that traditionally inhibits online listing activity. Roamly insures RVs and campers as “rent ready,” delivering more economic opportunity for RV owners who want to rent their rigs.
“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,” said 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 RVs in North America.
Global insurer SiriusPoint will be partnering with Outdoorsy on the launch of the new insurtech division.