[ad_1]
When the Covid-19 pandemic broke out in March last year, the first bookings for recreational vehicle rentals plummeted, but that didn’t last long.
“Covid has been a big, big increase for the company,” said Jeff Cavins, Co-Founder and CEO of Outdoorsys. People realized they could quarantine in RVs and be given freedom of movement in a controlled environment, he said. As a result, RV sales and rentals are at an all-time high, he said.
A record 20 million people visited Outdoorsy’s RV and outdoor travel marketplace last year, and 89 percent of renters were from Generation Z or Millennials, Cavins said. According to the RV Industry Association, more than 11 million US homes today own an RV.
“The boom in RV ownership over the past 10 years has been driven by strong interest from young people and families who lead active outdoor lifestyles and baby boomers who are retiring,” the association said. That trend only intensified during the pandemic because working from home encouraged more people to move, and a shortage of homes also led people to look for alternative housing options like RVs, Cavins said.
In addition, there are thousands of people who run businesses on Outdoorsy and run mobile bed and breakfast businesses. In fact, one Atlanta businessman made $ 8.2 million with Outdoorsy, who rented RVs, Cavins said. And a 28-year-old woman in California made $ 2.2 million last year, he said.
The Outdoorsys marketplace is open to anyone who owns a motorhome –
anywhere in the US and Canada. Some of the most popular rentals include Class C RVs with a bunk over the cab, which are popular with families, and Class B RVs, which are popular with couples.
Popular destinations include everything in the southwest, Cavins said. Colorado, Utah, Nevada and Montana are popular destinations for RV rental companies, he said. It also changes with the weather, he said. Florida is popular in winter.
The nomadic life seems to correspond to the Lone Star State. Texas is the world’s leading RV sales market, Cavins said. That makes it a great home base for Outdoorsy, who moved their headquarters to Austin in 2018.
To further fuel growth in the RV industry, Outdoorsy announced Thursday that it has raised $ 120 million in equity and debt financing. To date, the company, founded in 2015, has raised more than $ 220 million.
Outdoorsy has 90 employees in Austin and 105 in total in Texas. The company has a total of 250 employees and is hiring.
Outdoorsy’s $ 120 million capital increase includes a $ 90 million private placement equity round led by Moore Strategic Ventures, ADAR1 Partners, Monashee Capital, SiriusPoint and Convivialite Ventures, Pernod Ricard’s corporate venture group, with participation of existing investors Altos Ventures, iAngels and Greenspring Associates. Pacific Western Bank provided the $ 30 million credit facility.
Outdoorsy launches Roamly
Outdoorsy plans to use the raised funds to scale its operations and drive the growth and expansion of Roamly, its insurtech business.
“Roamly’s annual digital insurance product recently moved out of beta in the US,” said Cavins.
Outdoorsy developed the product in response to a problem its customers in the RV rental industry have encountered. RV owners couldn’t get their insurance companies to cover their RVs if they rented them out to others because the insurance industry doesn’t see the RVs as utility vehicles, Cavins said. So Outdoorsy created an insurance product for RV owners who want to rent out their RVs on the Outdoorsy Marketplace.
“Roamly is an insurance company that is moving with you,” said Cavins. “It’s a very unique insurance product.”
The RV world is viewed with a unique classification like jet skis or snowmobiles by the insurance industry and is basically viewed as a toy, Cavins said. And that’s why they don’t want them to be commercialized, he said.
“We solved that problem,” said Cavins. “We have been working on it for over three years.”
Outdoorsy plans to expand Roamly’s market in the US and Canada and launch Roamly in Europe, Cavins said. It will also help expand Outdoorsy’s new housing project to include Collective Retreats, he said.
Earlier this month, Outdoorsy announced that it is expanding its outdoor experience portfolio by partnering with luxury outdoor accommodation operator Collective Retreats. The companies will work together to develop a range of offerings tailored for road travelers and guests looking for an upscale outdoor experience. For example, Collective Retreat specializes in glamping or high-end camping experiences with good food, wine and champagne in places like Vail, Aspen and Governor’s Island, New York. Outdoorsy will provide its clients with access to Collective Retreats services such as fine food and wine. It will combine glamorous camping with RV camping in selected locations.
[ad_2]
