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News for October 24, 2021

Outdoorsy To Explore IPO Soon

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According to sources familiar with the matter, Outdoorsy, a marketplace for renting recreational vehicles from owners, may go public in the fourth quarter.

According to some people, the startup based in Austin, Texas, is working with Goldman Sachs Group Inc. to file before a U.S. initial public offering (IPO). This offering could be worth more than $1 billion. One person said that Outdoorsy had held advanced merger talks with particular purpose acquisition firms earlier in the year but decided to seek new financing. Terms could change, and there have not been any final decisions regarding an IPO. It is possible that the timing of an IPO could change or that the company decides to remain private.

Outdoorsy announced that it had raised $90 million equity from investors such as SiriusPoint Ltd., Moore Strategic Ventures Partners, ADAR1 Partners, Conviviality Ventures, and Monashee Capital. Conviviality Ventures is Pernod Ricard SA’s venture arm. Altos Ventures, Greenspring Associates, and iAngels also participated.

Chief Executive Officer Jeff Cavins led the startup. The pandemic boosted outdoor travel, which was a boon for Cavins. A source familiar with the matter has processed almost $1.4 billion worth of cumulative transactions and saw a 148% increase in revenue growth over the twelve months ending July 31. The person said that Outdoorsy would record more than $100 million in annual gross revenue by the end of the year.

Other marketplace-based businesses are also considering an IPO or have made debuts. Turo, a car-sharing startup, said last month that it had confidentially filed IPO paperwork. BBQGuys in July agreed to merge with a SPAC. Sonder, a property rental company, had previously agreed to join with a SPAC.

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Modern Campground

Modern Campground

Modern Campground is the most innovative news source in the Outdoor Hospitality industry. We provide global news coverage for RV Park and Campground owners, operators, managers, and their team members.
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