RVezy raises $23m to spur rapid growth
Canada: Peer-to-peer RV rental marketplace RVezy has received $23 million in investment from the founder of Canadian online dating app Plenty of Fish, Markus Frind.
Founded back in 2017, RVezy, which markets itself as the ‘Airbnb of RVs’, helps RV owners offset the costs of ownership by renting out their RVs when they are not being used. Since RV owners typically only use their RVs for a few weeks per year and can make $1,400 or more per week by renting it out, according to the company, the idea quickly caught on and has paved the way for rapid growth in the coming years.
After mastering the world of relationship matchmaking, Frind has set his sights on a new passion project in the sharing economy, with an initial $3 million in investment in Autumn 2019 followed by a recent $20 million investment as RV rental demand has surged.
After its first year in business, RVezy had seen $500,000 in gross sales, and after an appearance on entrepreneurial reality television programme Dragon’s Den led to a $150,000 investment from Michele Romanow, the firm grew to over $3 million in gross sales in 2018.
Frind, who approached the company after its Dragon’s Den appearance, said: “I looked at the website and said: ‘Ah, RVs, this is similar to dating. I understand marketplaces, how they work and their economics. I thought, this looks interesting but there are so many things I could do here.'”
Frind’s funding has allowed RVezy to attract more RV owners to the platform and expand its operations across the United States. After almost a year since starting its domestic expansion, RVezy now has close to 10,000 American RV owners on its platform, ahead of a busy summer season.
RVezy co-founder Michael McNaught said: “When the pandemic hit in 2020, millions of people turned to local travel, camping, and RVing as an alternative to the traditional flights and hotels. When families discovered how safe, affordable, and convenient it was to explore the great outdoors in an RV, word got around.
“This year, demand is at an all-time high, meaning another great year for the RV industry and local economy. Campgrounds are filling up, RV dealerships are sold out, and our owners are projecting record income.
“As a long-time RVer myself, my best advice is to book your travel plans now, before it’s too late,” he added.
To delve more into the growth in popularity of the RV segment, make sure to sign up to ShortTermRentalz’ upcoming RockSTRz webinar this Tuesday 1 June [4pm BST] on ‘The great outdoors: Breaking new ground in the short-term rental sector’ [Sponsored By PointCentral].
STRz editor Paul Stevens will be joined by an expert panel including:
- Jon Gray, CEO, RVShare
- Kate Morel, Founder, Morel & Co UK
- Jason Hsiao, Managing Director, Shaw Investments, and Forbes Real Estate Council member
- Sarah Smith, Founder, The Dyrt
You will learn:
- How Covid is leading travellers to consider their travel behaviours and shift towards responsible consumption
- The correlation between mental health + wellbeing to the notion of ‘revenge travel’
- How the growth of domestic travel is putting the spotlight on accessibility and sustainability
- New investment opportunities for investors beyond urban centres
- Whether the outdoors sector can still be considered “alternative” or is it turning mainstream?
Sign up for this unmissable session at this link.
