Digital MGA Roamly is poised for expansion, thanks to more than $120 million in equity and debt financing raised by parent company Outdoorsy – a global online RV rental and outdoor travel marketplace.
Austin, Texas-based Outdoorsy said the additional capital will help fuel growth as it scales up operations now that the post-pandemic U.S. economy and international markets it serves are reopening. The company also plans to use the cash infusion to drive the growth and expansion of Roamly, both in the U.S. and in Europe.
Roamly Insurance Group is a managing general agent offering digital insurance products for travelers and owners of recreational vehicles. The company said it eliminates the commercial insurance use exclusion clause that prohibits online listing, allowing it to insure RVs and campers as ‘rent ready.”
Outdoorsy’s financing includes a $90 million private placement equity round led by Moore Strategic Ventures, ADAR1 Partners, Monashee Capital, SiriusPoint Ltd, and Convivialite Ventures, the corporate venture group of Pernod Ricard. Existing investors Altos Ventures, iAngels, and Greenspring Associates also participated, and Pacific Western Bank provided the $30 million debt facility.
Outdoorsy co-founder and CEO Jeff Cavins said that Roamly’s digital annual insurance products recently came out of beta in the U.S. They will be marketed to Outdoorsy’s customers and new and existing purchases of recreational vehicles in North America.
The idea is that owners in the Outdoorsy marketplace will use Roamly to insure their assets for use on Outdoorsy. They’re now building out fleets to keep up with expanding renter demand, using Roamly as the key component of their business development strategies.
Reinsurer SiriusPoint will be partnering with Outdoorsy on the launch of its Roamly InsurTech division.
“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,” Sid Sankaran, Chairman and CEO of SiriusPoint, said in prepared remarks. “Roamly’s market prospects and the speed of the company’s growth are global.”
Outdoorsy, founded in 2015, has offices in the U.S, Canada, Australia, France and the UK.