Outdoorsy Looks to Expand Internationally (1/21/2019)
Story by Woodall's Campground Management
After raising $25 million from investors last year, Outdoorsy packed up shop and relocated its headquarters from the Bay Area to Austin.
While our city welcomed the peer-to-peer RV rental company with open arms, it seems investors, too, were eager for another piece of the action, according to builtinaustin.com.
This week, Outdoorsy announced it has raised a whopping $50 million Series C led by Palo Alto-based Greenspring Associates. The round also included participation from existing investors Aviva Ventures, Altos Ventures, AutoTech Ventures and Tandem Capital.
For those counting — that’s $75 million in just under a year and over $80 million since Outdoorsy’s launch in 2015.
For investors, it’s a no-brainer.
“Over the last three years, we’ve seen a 400 percent increase in bookings on Outdoorsy, and our renter and owner customer base is growing exponentially,” said CEO Jeff Cavins. “The company is experiencing breakout velocity, which is exciting to investors.”
Those bookings have generated north of $250 million in business, Cavins said, and the site now includes more than 31,000 vehicles available for rent.
Part of that growth can be attributed to people’s swelling interest in vacationing in alternative accommodations outside of a hotel. Another factor is Outdoorsy’s evolving business model.
Over the past year, the startup has added new features like 24/7 roadside assistance for renters and up to $1 million in insurance protection for RV owners, both of which contributed to Outdoorsy becoming an industry leader, according to the company’s CMO.
With the new funding, Outdoorsy plans to increase the number of rentals to 65,000 units as well as deepen its services throughout New Zealand, Australia and Europe.
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