Akron, Ohio-based RVshare has landed more than $100 million in a fundraising round led by global investment firm KKR, with participation by existing investor Tritium Partners. RVshare’s goal is to rapidly build up the RV rental industry, noted a press release.
The company said the new funding will “provide capital, as well as access to KKR’s operational resources and global network.” RVshare said it aims to connect “travelers looking to experience RV travel with RV owners interested in turning their RV into a second source of income.”
Founded in 2013, the company has booked more than two million days in rentals on its platform and offers more than 100,000 RVs, which range from luxury motorhomes to camper-vans to travel trailers, according to the release.
“At RVshare, our mission is to expand the definition of travel,” said RVshare’s CEO Jon Gray. He added that the company is “only at the beginning of where our business can go” and believes the new funding will spark even more growth.
“We are thrilled to work together with RVshare to build on the success they have achieved to date as a market leader in an important yet underserved category of travel,” said Jake Heller, co-head of KKR’s technology growth team in the Americas. “Jon and team have proven they can deliver explosive growth with impressive capital efficiency.”
RVshare “has seen sensational growth since its founding,” noted Tritium Partners Managing Director Phil Siegel. “As a result of the pandemic, RVshare has seen an acceleration of growth as consumers have sought out RVs as a way to travel during these challenging times.”
RVshare, which is essentially an Airbnb for RVs, said its bookings surged more than 50 percent in advance of the Labor Day weekend.
“This whole year has been great for drive-to travel, of all forms,” Gray said at the time. “If you’re a hotel that is near a destination that people drive to, you’re doing pretty well this year. If you’re a vacation rental that’s near a destination that people drive to, you’re doing pretty well this year. So, it’s not surprising to see that we’re doing well just because of that.”