New Equity Financing to Fuel Continued Growth,
Product Innovation, and Expansion into New Markets
NEW
YORK, Aug. 6, 2024 /PRNewswire/
-- Octane® (Octane Lending, Inc.®), the
fintech revolutionizing the buying experience for major
recreational purchases, announced that it has closed its Series E
funding round with $50 million in new
equity capital. Octane has raised $242
million in total equity funding to date.
The capital will fuel Octane's expansion into new markets,
supercharge its growth in existing markets, and position the
company even more favorably for long-term success. This funding
round is unique in that it was composed entirely of existing
investors looking to increase their investment in the company.
Valar Ventures led the round with participation from Upper90.
"We're honored to strengthen our relationship with Valar and
Upper90 as we bring speed and ease to the financing experience,"
said Jason Guss, CEO and Co-Founder
of Octane. "Octane's digital tools and broad credit coverage have
propelled us to become a leader in our initial market of
powersports and gain significant traction in adjacent markets, like
RVs. This new funding will help us build on this momentum and
expand into new markets as we connect even more people with their
passions."
Since its founding in 2014, Octane has redefined the financing
experience in the nearly $30 billion
powersports market, which includes motorcycles, ATVs, UTVs, and
personal watercraft. The company's innovative digital tools,
including the industry-leading dealer platform and award-winning
suite of soft-pull prequalification tools, help its over 4,000
dealer partners deliver a seamless experience to their customers.
Through its in-house lender, Roadrunner Financial®,
Inc., Octane has originated over $4
billion in loans and expanded into recreational vehicles
(RVs), tractors, trailers, and electric vehicles. The company works
with over 30 original equipment manufacturer (OEM) partners.
About Octane:
Octane® is
revolutionizing recreational purchases by delivering a seamless,
end-to-end digital buying experience. We connect people with their
passions by combining cutting-edge technology and innovative risk
strategies to make lifestyle purchases–like powersports vehicles,
RVs, and outdoor power equipment–fast, easy, and accessible.
Octane adds value throughout the customer journey: inspiring
enthusiasts with the Octane Media™ editorial brands, including
Cycle World® and UTV
Driver®, instantly prequalifying consumers for
financing online, routing customers to dealerships for an easy
closing, and supporting customers throughout their loan with
superior loan servicing.
Founded in 2014, we have more than 30 OEM and 4,000 dealer
partners, and a team of over 500 in remote and hybrid roles. Visit
www.octane.co.
Octane® and Roadrunner Financial® are
registered service marks of Octane Lending, Inc.
Media Relations: Shannon
O'Hara
Press@octane.co
Investor Relations:
IR@octane.co
View original content to download
multimedia:https://www.prnewswire.com/news-releases/octane-raises-50-million-in-series-e-funding-round-302214856.html
SOURCE Octane