Another sign that travel brands attract investors when creating insuretech products: Outdoor equity and debt financing brings in $120 million. The U.S.-based recreational vehicle and outdoor trip marketplace is supported by Moore Strategic Ventures, ADAR1 Partners, Monashi Capital, Siriuspoint and Convivialite Ventures, a corporate enterprise group of $90 million.
Existing investors are also participating Altos Ventures, Angels and Greenspring Associates. Pacific Western Bank is providing $30 million. The outsourcing will use the new investment to expand the core business and support its Romley insurance products, especially for travelers and RV owners.
The company last raised investment capital in 2019, when it brought in $50 million in Series C rounds from Greenspring Associates. Earlier this month, luxury housing providers, including outsourced strategic partnerships, raised 23 million to cover the combined retreat.
CEO Jeff Kevins says: “Customers are embracing outdoor travel at an unprecedented level. As a result, the interest in road travel is growing and our Romali products are experiencing strong customer acceptance. Romali was initially launched in private beta last year.
AUSTIN, Texas and New York, June 24, 2021 / PRNewswire / – The most trusted online global online RV rental and outdoor travel marketplace Outdoorsy has announced that it has raised $120 million in equity and debt financing. The reopening of the U.S. economy as well as additional capital will help fuel the company as it scales its infrastructure.
The $120 million raise involves Moore Strategic Ventures, ADAR1 Partners, Monashi Capital Limited, (NYSE: SPNT) and Convivialite Ventures, a company led by Parnad Records Corporate Ventures. The re-opening of the United States economy and the international markets that the organization provides will help fuel the company as it continues its activities with additional capital. The outsourcing company plans to use the funds to grow and expand Rome’s innovative insuretech business.
“We continue to achieve strong growth in both our core business as well as our romali business,” said Jeff Cavins, co-founder and CEO of Outdoors. “Rome’s digital annual insurance product recently came out of beta in the United States.”