Square 1 Bank Announces Credit Facility to Outdoorsy
12 September 2018 - 3:00PM
Square 1 Bank, a division of Pacific Western Bank, today announced
that it has provided a credit facility to new client Outdoorsy, a
pioneer in the recreational vehicles and travel experiences
marketplace. Proceeds from the facility will be used to fuel the
company’s continued growth.
Based in Austin, Texas, Outdoorsy provides a global, on-demand
platform connecting recreational vehicle (RV) owners and renters.
With a convenient and cost effective approach, Outdoorsy offers a
fleet of RVs, trip accessories and benefits including DMV
verifications, 7x24 live customer support, roadside assistance and
insurance for owners, renters and third parties. The company is
backed by such institutional investors as Altos Ventures, Aviva
Ventures, AutoTech Ventures, NFX and Tandem Capital.
"Working with Square 1 has been a breath of fresh air for
Outdoorsy,” said Jeff Cavins, chief executive officer of Outdoorsy.
“We have had numerous banking relationships since our
founding; however, once we met the team at Square 1, we felt that
they brought a more elevated approach to their clients.”
“Outdoorsy is quickly emerging as a leading global marketplace
for the RV and experiential travel industry,” added Steven
DiPasquale, senior vice president in Square 1’s technology banking
practice. “The company is driving the shift from ownership to a
trusted renter relationship, taking people where other on-demand
platforms have not. We are excited to work alongside the company’s
passionate team and support Outdoorsy’s mission to provide access
to the great outdoors.”
About Square 1 BankSquare 1 Bank is a division
of Pacific Western Bank, a Los Angeles-based commercial bank with
over $24 billion in assets. A full service financial services
partner to entrepreneurs and their investors, Square 1 provides
clients flexible resources and attentive service to help their
companies grow. Square 1 offers a broad range of venture debt,
treasury and cash management solutions through offices in top
innovation centers: Atlanta, Austin, the Bay Area, Boston, Chicago,
Denver, Durham, Los Angeles, Minneapolis, New York, San Diego,
Seattle, and Washington, DC. Pacific Western Bank is a wholly-owned
subsidiary of PacWest Bancorp (NASDAQ:PACW). For more information,
visit www.square1bank.com.
About Outdoorsy Founded in 2015,
Outdoorsy is the fastest-growing and most trusted global on-demand
marketplace for recreational vehicles and outdoor experiences with
a growing global fleet of unique outdoor vehicles, equipment and
accessories as well as partnerships among the largest recreational
vehicle and tour operators in the world.
Outdoorsy is mobilizing over 18 million idle RVs, travel
trailers and campervans around the world, ensuring everyone has the
access, choice and opportunity to safely enjoy outdoor recreational
vehicle travel while empowering RV owners to realize life-changing
financial benefits by monetizing their RVs and building
entrepreneurship. From finding a house-on-wheels to
adventure-equipment-you-can-sleep-in to SUVs with roof tents and
all the equipment you need during the trip, Outdoorsy is the
broadest range platform for outdoor accommodations and experiences.
The company has offices in the United
States and Canada.
You can find us at www.outdoorsy.com and come along
for the ride on Outdoorsy's unique RV-loving Never Idle Travel
Journal.
Media Contact: Square 1 Bank, a division of
Pacific Western Bank Laura Piggott919.597.7466
lpiggott@square1bank.com
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