AKRON, Ohio and AUSTIN, Texas, RVshare, the world's first and largest peer-to-peer RV rental marketplace, announced a $100+ million fundraising round led by global investment firm KKR, with participation by existing investor Tritium Partners. The fundraising will provide capital, as well as access to KKR's operational resources and global network, to help RVshare build on its leadership position and record 2020 growth with goals to rapidly scale the RV rental industry.
RVshare 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 motorhomes to campervans to travel trailers.
"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. "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. "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."
Ben Pederson, Principal with KKR's Technology Growth team, added: "RVs are the preferred accommodation for the more than 40 million US households that go camping each year. Younger generations of travelers are discovering and embracing domestic travel and RVshare is providing a seamless marketplace experience where RV owners can share their passion for camping and unlock the value of their assets."
"RVshare has helped provide amazing travel experiences for millions of travelers and has seen sensational growth since its founding," Managing Director of Tritium Partners Phil Siegel said. "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. Tritium is excited to continue investing in this team, business, and a category that is just getting started. Adding the KKR team, with their fantastic set of experiences and resources, will help take RVshare to much greater heights."
KKR is making its investment through its Next Generation Technology Growth Fund II, a global fund dedicated to growth equity investments in the technology space. KKR has established a strong track record of supporting technology-focused growth companies, having invested over $2.7 billion in related investments since 2014.