Outdoorsy raises $120M to support accelerated marketplace growth and rapid expansion of insurtech division, Roamly
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With the US economy reopening, the additional capital will help fuel the company as it grows its business.
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As the US economy and international markets the company services reopen, the additional capital will help the company scale its business. Outdoorsy also plans to use the funding to fuel the growth and expansion of Roamly, the company’s innovative insurtech business.
“We continue to see strong growth in both our core and our Roamly businesses,” says Jeff Cavins, Co-Founder and CEO of Outdoorsys. “Roamly’s annual digital insurance product recently moved out of beta in the US”
Roamly provides innovative digital insurance products for travelers and RV owners, eliminating the commercial disclaimer that traditionally hinders online listing activities. Roamly insures RVs and RVs as “ready to rent” and promotes a whole new era of economic opportunity for recreational vehicle owners. “Before Roamly, RV owners had very few insurance options that would allow them to rent out their RVs without breaking the terms of their annual insurance policy. Roamly solves that problem, ”says Cavins.
Cavins continued, “Customers appreciate outdoor travel to an unprecedented level. As a result, interest in road trips is increasing and our Roamly products are enjoying strong customer acceptance. In addition, this new capital will accelerate Roamly’s expansion and roll out Roamly into Europe, as well as supporting the expansion of Outdoorsy’s new accommodation project with Collective Retreats, a luxurious reinterpretation of the outdoor accommodation space. ”
Roamly’s new insurance products were launched in private beta last year and are being offered to Outdoorsys customers as well as new and existing recreational vehicle buyers in. marketed North America.
Outdoorsy marketplace owners are using Roamly to insure their assets for use on Outdoorsy and are now building fleets to keep up with growing tenant demand and using Roamly as a key component of their business development strategies.
The global (re) insurer SiriusPoint will collaborate with Outdoorsy on the launch of its new Insurtech division. “We are excited to support Roamly and the company’s rapid growth through our strategic partnership, including our participation in the company’s equity round and a commercial agreement to support the development of insurance products that meet the needs of their customers,” says customers Sid Sankaran, Chairman and CEO of SiriusPoint. “Roamly’s market outlook and the rate of company growth are global. The unique approach Roamly is taking with its product innovation is a unique proposition in the global leisure facility market.”
“We’ve been working with Outdoorsy since the company moved its global headquarters to Austin, and we look forward to continuing to work closely with the company as it continues its rapid global growth, “said Steven DiPasqluie, managing director, technology banking, Pacific Western Bank.
Earlier this month, Outdoorsy announced that it is expanding its outdoor experience portfolio by partnering with luxury outdoor accommodation operator Collective Retreats. The partnership will transform the rapidly growing outdoor hospitality market through the development of new accommodations and outdoor services. The companies will work together to develop a range of offerings tailored for road travelers and guests looking for an upscale outdoor experience. With nature as the next great travel frontier, Outdoorsy and Collective Retreats aim to pioneer and market leader in the category and set the bar for world class outdoor travel and accommodations.
About outdoorsy
Outdoorsy is the most trusted on-demand RV rental and outdoor travel market in the world. Founded in 2015, we have offices worldwide in the USA, Canada, Australia, France, and Great Britain. 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 enabling RV owners to enjoy life-changing financial benefits to achieve.
About Roamly
Roamly Insurance Group (Roamly) is owned by Outdoorsy, one of the largest and most trusted online RV marketplaces. Roamly is the first RV-focused insurance company in the world to unlock RV insurance to make owners’ vehicles “ready to rent”. Roamly offers unique digital insurance products that eliminate the commercial use disclaimer that prohibits online rental activity. Our insurance offers the clarity owners need to ensure their vehicles are allowed to be rented on platforms like Outdoorsy.
About SiriusPoint
SiriusPoint Ltd. (SiriusPoint) is a leading global insurer and reinsurer, providing solutions to clients and brokers in nearly 150 countries. Bermuda– SiriusPoint has its headquarters and offices around the world and is listed on the New York Stock Exchange (SPNT). You will write a global portfolio of accident and health, specialty, property and runoff products, combining data and creative thinking to draw risks with skill and discipline. Through their wholly owned subsidiary International Medical Group® (IMG®), they are an industry leading international health insurance, global assistance and travel insurance provider. With more than $ 3 billion Total capital, the operating companies of SiriusPoint have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch. More information is available at www.siriuspt.com.
SOURCE Outdoorsy
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