Outdoorsy Considering IPO Later This Year
Austin, Texas-based RV rental company Outdoorsy could go public by the end of this year, people familiar with the situation told Bloomberg on Friday (Sept. 10), adding that the company is working with Goldman Sachs Group Inc. on a potential filing ahead of an IPO potentially worth $1 billion or more.
Outdoorsy held “advanced merger discussions” with some special-purpose acquisition companies (SPACs) earlier this year, according to the Bloomberg report, but instead focused on raising money through fundraising. Terms of the deal may change, and there have been no final decisions on whether Outdoorsy will pursue an IPO. Bloomberg received no comment from Outdoorsy or Goldman on the matter.
Outdoorsy raised $90 million in equity from investors including SiriusPoint Ltd., Moore Strategic Ventures, ADAR1 Partners, Monashee Capital and Convivialite Ventures, the venture arm of Pernod Ricard SA. Existing investors Altos Ventures, iAngels and Greenspring Associates also participated.
Related news: Outdoorsy Takes Page from Airbnb Playbook, Expands RV Ecosystem
Outdoorsy saw customers coming back in greater numbers as spring 2020 gave way to summer, and consumers were looking to get on the road again to the tune of 4,000% growth year over year. The pandemic ultimately ended up providing more tailwind than headwind for Outdoorsy, pushing awareness of the brand ahead about three years of where it otherwise would have been, Co-founder and CEO Jeff Cavins told PYMNTS.
And now, Cavins noted that Outdoorsy is expanding its marketplace in terms of where it operates, what it offers and its range of products and services.
Also read: Outdoorsy Raises $120M as RV Rentals Soar
Insurance products from Roamly are now being offered to Outdoorsy customers and those who are buying recreational vehicles in North America after a private beta test last year.
Renting RVs and other such vehicles has seen positive change due to the pandemic, with consumers beginning to shun large, crowded cities and tourist attractions because of the risk of the coronavirus.