Another sign that travel brands are catching the eye of investors when they create insuretech products: Outdoorsy has brought in $120 million in equity and debt financing.
The U.S.-based recreational vehicle and outdoor trip marketplace is being backed by Moore Strategic Ventures, ADAR1 Partners, Monashee Capital, SiriusPoint and Convivialite Ventures, the corporate venture group of Pernod Ricard, for the $90 million equity round.
Existing investors also participating include Altos Ventures, Angels and Greenspring Associates.
Pacific Western Bank is providing the $30 million debt facility.
Outdoorsy will use the new investment to expand the core business and, specifically, support its Roamly insurance product for travelers and RV owners.
The company last raised investment capital in 2019, when it brought in $50 million in a Series C round from Greenspring Associates.
Earlier this month, Outdoorsy led a round itself to the tune of $23 million to back luxury accommodation provider Collective Retreats, including a strategic partnership.
CEO Jeff Cavins says: “Customers are embracing outdoor travel at unprecedented levels. Consequently, road trips are surging in interest and our Roamly products are experiencing strong customer adoption."
Roamly originally launched in private beta last year.