Specialty re/insurer SiriusPoint has invested in RV rental and outdoor travel marketplace Outdoorsy, helping the startup raise $120 million in equity and debt financing.
With the reopening of the US economy and the international markets the company serves, it’s hoped that additional capital will help the company scale.
Outdoorsy also plans to use the funding to drive its growth and expansion of Roamly, its insurtech business.
“We continue to experience strong growth in both our core business as well as in our Roamly business,” says Jeff Cavins, Outdoorsy’s co-founder and CEO.
“Roamly’s digital annual insurance product recently came out of beta in the U.S.”
Roamly provides digital insurance products for travelers and recreational vehicle owners, eliminating the commercial exclusion clause that traditionally inhibits online listing activity.
Roamly insures RVs and campers as ‘rent ready,’ fostering a whole new era of economic opportunity for owners of recreational vehicles.
“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. Roamly is solving that problem,” says Cavins.
“Customers are embracing outdoor travel at unprecedented levels. Consequently, road trips are surging in interest, and our Roamly products are experiencing strong customer adoption.
“Additionally, this new capital will catalyze Roamly’s expansion and support the launch of Roamly in Europe, as well as aid in the expansion of Outdoorsy’s new accommodations venture with Collective Retreats, a luxurious reimagining of the outdoor accommodations space.”
Roamly’s new insurance products launched in private beta last year and will be marketed to Outdoorsy’s customers and new and existing purchasers of recreational vehicles in North America.
Owners in the Outdoorsy marketplace use Roamly to insure their assets for use on Outdoorsy and are now building out fleets to keep up with expanding renter demand, leveraging Roamly as the key component of their business development strategies.