SiriusPoint provides equity financing and product development for insurtech Roamly
SiriusPoint is one of a group of investors to provide $120 million in equity and debt financing to Outdoorsy, the global online RV rental and outdoor travel marketplace, to support the launch of its insurtech business Roamly.
The $120 million raise includes a $90 million private placement equity round led by SiriusPoint, Moore Strategic Ventures, ADAR1 Partners, Monashee Capital and Convivialite Ventures, the corporate venture group of Pernod Ricard.
Existing investors Altos Ventures, iAngels and Greenspring Associates also participated in the equity financing, while Pacific Western Bank provided the $30 million debt facility.
The capital will enable Outdoorsy to scale up its business as the global economy reopens. It will also finance the growth of Roamly, its insurtech business, which was released in beta in the US in 2020.
SiriusPoint is partnering with Outdoorsy on the launch of its new insurtech division and will support its development of insurance products. These will be marketed to Outdoorsy’s customers and new and existing purchasers of recreational vehicles in North America.
Roamly provides digital insurance products for travelers and recreational vehicle owners, eliminating the commercial exclusion clause that traditionally inhibits online listing activity. It insures RVs and campers as ‘rent ready,’ fostering a whole new era of economic opportunity for owners of recreational vehicles.
Jeff Cavins, Outdoorsy’s co-founder and chief executive officer, said: “Before Roamly, RV owners had very few insurance options that would allow them to rent out their RVs without violating the terms of their annual insurance policy. Roamly is solving that problem.”
Sid Sankaran, chairman and chief executive officer at SiriusPoint, said: “Roamly’s market prospects and the speed of the company's growth are global. The unique approach that Roamly has taken with its product innovation is a first-of-its-kind offering in the global market for recreational assets.”
