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
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Investor Relations:
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SOURCE Octane
