RV rental and outdoor travel marketplace Outdoorsy revealed $120 million in equity and debt financing raised to fuel company operations and expand its “insurtech” business, Roamly.
Roamly provides digital insurance products to travelers and RV owners, ensuring units and campers are “rent ready.” The business launched in private last year and will be marketed to Outdoorsy customers and RV buyers in North America.
“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,” Outdoorsy co-founder and CEO Jeff Cavins said. “Roamly is solving that problem.”
“Customers are embracing outdoor travel at unprecedented levels,” he said. “Consequently, road trips are surging in interest, and our Roamly products are experiencing strong customer adoption.”
Cavins noted the new capital will “catalyze” Roamly’s expansion and support the launch of Roamly in Europe. In addition, the funding will aid in expanding Outdoorsy’s new accommodations partnership with Collective Retreats.
“We continue to experience strong growth in both our core business as well as in our Roamly business,” Cavins said. “Roamly’s digital annual insurance product recently came out of beta in the U.S.”
Global insurance company SiriusPoint will be partnering with Outdoorsy on the launch of its new insurtech division.
“We are excited to support Roamly and the fast growth the company is experiencing through our strategic partnership,” SiriusPoint Chairman and CEO Sid Sankaran said. “This includes our participation in the company’s equity round and a commercial agreement to support the development of insurance products that serve their customers’ needs.”
Earlier this month, Outdoorsy announced its outdoor experiences portfolio expansion by partnering with luxury accommodations operator Collective Retreats. The partnership’s goal is to transform the rapidly growing outdoor hospitality market by developing new accommodations and outdoor services.