KKR led a $100 million-plus funding round in RVshare, a peer-to-peer RV rental marketplace. Tritium Partners also participated in the funding round. RVshare connects travelers with RV owners interested in turning their RV into a second income source. KKR is making the investment through its Next Generation Technology Growth Fund II.
RVshare, the world’s first and largest peer-to-peer RV rental marketplace, today 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.
GCA Global served as financial advisor to RVshare on the deal.
RVshare is the first and largest peer-to-peer RV rental marketplace. With more than 100,000 vehicles available, RVshare’s diverse inventory ranges from affordable travel trailers to luxury motorhomes and can accommodate any outdoor adventure, whether it’s a weekend of camping or a cross-country tour of national parks. Through RVshare, families and groups can experience a one-of-a-kind trip and create memories that will last a lifetime. In addition to offering a unique travel experience, RVshare provides RV owners in North America the opportunity to turn their RV into a second income. For more information, visit www.rvshare.com. Follow us on Facebook, Instagram, Twitter, and YouTube.
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
About Tritium Partners
Founded in 2013, Tritium Partners is a private equity firm focused on technology and services companies with exceptional growth potential. Tritium’s founder team, which came together from strategic consulting and boutique banking backgrounds, has exclusively focused on growth investing in their careers. With > $900 million of assets under management, Tritium actively partners with talented founders and executives to build market-leading companies through high-growth initiatives, while maintaining capital efficiency. Tritium’s approach emphasizes creating long-term value through strategic growth initiatives and acquisitions, with a focus on FinTech and financial services, Internet marketplaces, software data and analytics, supply chain and logistics, and tech-enabled business services.