SiriusPoint invests in Outdoorsy
Bermudian-headquartered global specialty re/insurer SiriusPoint Ltd is among the newest investors in Outdoorsy, the global online RV rental and outdoor travel marketplace.
Texas-based Outdoorsy said it has raised $120 million in equity and debt financing.
The company said the raise includes a $90 million private placement equity round led by Moore Strategic Ventures, ADAR1 Partners, Monashee Capital, SiriusPoint, and Convivialite Ventures, the corporate venture group of Pernod Ricard, with participation from existing investors Altos Ventures, iAngels, and Greenspring Associates.
Pacific Western Bank provided the $30 million debt facility.
A portion of the money raised will be used to support rapid expansion of Outdoorsy’s new insurtech division, Roamly, which it will launch in partnership with Sirius Point.
Jeff Cavins, Outdoorsy's co-founder and CEO, said: "We continue to experience strong growth in both our core business as well as in our Roamly business. Roamly's digital annual insurance product recently came out of beta in the US."
Outdoorsy said Roamly provides innovative digital insurance products for travellers 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, it said.
Mr Cavins said: "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."
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, the company said.
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, the company said.
Sid Sankaran, chairman and CEO of SiriusPoint, said: "We are excited to support Roamly and the fast growth the company is experiencing through our strategic partnership.
“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.
"Roamly's market prospects and the speed of the company's growth are global. The unique approach that Roamly has taken with its product innovation is a first-of-its-kind offering in the global market for recreational assets."
Founded in 2015, Outdoorsy said its mission is to mobilise the more than 54 million idle RVs around the world to ensure everyone has the access, choice, and opportunity to safely enjoy outdoor experiences and travel while the company empowers RV owners to realise life-changing financial benefits.
Roamly Insurance Group, owned by Outdoorsy, is the first RV-focused insurtech in the world, unlocking RV insurance to make owners' vehicles “rent ready”.