Akron, Ohio-based, RVshare, has certainly piqued the interests of outdoor enthusiasts nationwide itching to get off the grid. As their name would suggest, RVshare is a platform that connects travelers looking to experience RV travel with RV owners interested in turning their RV into a second source of income. Since the company’s founding in 2013, RVshare has successfully built a leading position in the emerging market of RV rentals, amassing more than two million days booked on its platform and over 100,000 RVs ranging from luxury class A motorhomes to campervans to towable travel trailers.
Notably, on October 21, the leader in the peer-to-peer RV rental marketplace announced a venture capital funding round exceeding more than $100M. The funding was led by global investment firm KKR and included participation from existing investor Tritium Partners. According to the company’s press release, the funding will provide RVshare with necessary capital as well as access to KKR’s operation resources and global network; with these, RVshare will be in a better position to build on its leadership position and record 2020 growth in order to meet its goal of rapidly scaling the RV rental industry beyond 2020. To date, the company has raised roughly $150M in funding.
“At RVshare, our mission is to expand the definition of travel, providing a unique, seamless experience that will allow travelers to build lifelong memories with loved ones,” RVshare’s CEO Jon Gray said in the company’s press release. “I am very proud of our employees and thankful to our customers for helping build RVshare into the market leader it is today – and we are only at the beginning of where our business can go. This financing and the support of KKR’s global platform positions us well to invest in future growth and provide the best experience for our owners and renters.”
“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, in the company’s press release. “Jon and team have proven they can deliver explosive growth with impressive capital efficiency and we look forward to leveraging KKR’s global experience and network in mobility, travel and technology to help unlock new opportunities for RVshare.”
The company also predicts that more people will be road-tripping to visit family for the holidays this year. According to the company’s holiday travel sentiment survey, 47% of respondents plan on traveling to visit family, with 68% reporting that they will be traveling by car or RV. Traditionally, families have their holiday vacation plans in order by this time of year. Though, according to the survey, 55% of people are less confident about their holiday travel plans compared to last year. Furthermore, 80% of people have already decided that they will not be flying to visit family over the holidays, with 53% of respondents saying that they would consider renting an RV to visit family and stay in a family member’s driveaway or a nearby campground in order to properly social distance.
“This holiday season, RV rentals can be utilized for more than just leisure travel,” said RVshare CEO Jon Gray, in the company’s press release. “RV rentals offer people not only a mode of transportation to go home for the holidays but also a place to stay in order to social distance.”
RVshare’s innovation has positioned itself as an attractive solution for concerned families traveling for the holidays.
To learn more about RVshare, visit: https://rvshare.com/