RVshare announced it has secured a $50 million commitment from Austin, Texas-based investment firm Tritium Partners, whose managing partners led the first investment in vacation rental firm HomeAway.
According to a press release, RVshare will initially call down $20 million of the committed capital to accelerate its rapid growth, focusing on enhancements in user experience, marketing and hiring more top-tier talent.
“A $50 million investment from Tritium is an incredible validation of RVshare and its already multi-million dollar marketplace business that is poised to disrupt an entire industry,” said CEO Jon Gray, who perviously served as a senior executive for Tritium. “We will reshape the way people think about RVs, turning them into a second source of income for RV owners and broadening the uses for renters from classic family vacations to weekend warriors and overflow accommodations to tailgating.”
With RVshare, which was founded in 2013, Seigel and Lack see the opportunity to redefine a category.
“I led HomeAway’s first investment and I was there the day they rang the IPO bell on Wall Street and the parallels between HomeAway and RVshare are significant,” says Siegel. “HomeAway, which was ultimately acquired for $3.9 billion by Expedia, took vacation home rentals from a fringe category to a celebrated mainstay of global travel. With a massive lead and substantial funding, we see RVshare doing the same for RV rentals.”
“Up until now, we’ve been able to build RVshare without any outside investment,” says RVshare Co-Founder and President Joel Clark. “We now have the luxury of raising capital not out of necessity but of an irresistible opportunity to combine Jon’s leadership, the HomeAway investor experience and the capital all at once.”