A company that lets anyone rent an RV just raised over $100 million as RV and road travel continues to skyrocket in popularity
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RV rental platform RVshare has raised over $100 million from KKR and previous investor Tritium Partners, according to a news release from RVshare. This investment comes at a time in which RV rental companies and makers have stayed resilient amid the coronavirus pandemic that has otherwise tanked the travel industry. RVshare is just one example of this general massive industry growth: from early April to May 19, the rental platform saw a 1,000% increase in bookings. "I think we're going to see a lot more demand," RVshare CEO Jon Gray told Business Insider in June. "I think you're now getting a new group of people buying them, which has people who are substituting it for more luxurious vacations that they typically took." Gray's previous prediction has so far been correct. According to RVshare's news release in September, the company saw fall bookings increase 123% year-over-year. According to RVshare, this over $100 million investment will allow the peer-to-peer rental platform to tap into KRR's "network" and "resources," and grow the company as the industry continues to boom. See more: KKR is making a big push into the $30 trillion insurance industry — here's why private equity is starting to look more and more like Berkshire Hathaway "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," Gray said in a statement about the investment. "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."SEE ALSO: RV makers are rushing to add office, desk, and WiFi options to cater to the new 'work from anywhere' crowd created by the pandemic Join the conversation about this story » NOW WATCH: What makes 'Parasite' so shocking is the twist that happens in a 10-minute sequence
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A camper van maker just unveiled its first 'box' RV based on the Mercedes-Benz Sprinter and it costs more than $300,000
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If you’re one of the many people considering taking a road trip this summer or fall,...If you’re one of the many people considering taking a road trip this summer or fall, you may have looked into renting an RV. The problem is, so has everyone else. In mid-July, RVshare (a peer-to-peer RV rental company), reported that their RV bookings increased by 1600% since early April, compared to the same period…Read more...