(Bloomberg) — Outdoorsy, a marketplace for renting recreational vehicles, is exploring going public as soon as the fourth quarter, according to people with knowledge of the matter.
The Austin, Texas-based startup is working with Goldman Sachs Group Inc. on a potential filing ahead of a U.S. initial public offering that may value it at more than $1 billion, some of the people said. Outdoorsy held advanced merger discussions with special purpose acquisition companies earlier this year, deciding instead to pursue fresh financing, one of the people said. Terms may change and no final decisions have been made regarding an IPO. It’s possible timing could slip or that the company elects to remain private.
Outdoorsy and Goldman representatives declined to comment.
In June, Outdoorsy said it raised $90 million in equity from investors including SiriusPoint Ltd., Moore Strategic Ventures, ADAR1 Partners, Monashee Capital and Convivialite Ventures, the venture arm of Pernod Ricard SA. Existing backers Altos Ventures, iAngels, and Greenspring Associates also participated.
Watch: Outdoorsy CEO Cavins on the RV Boom (Video)
The startup, led by Chief Executive Officer Jeff Cavins, was buoyed by a boost to outdoor travel as a result of the pandemic. It has facilitated almost $1.4 billion in cumulative transactions and experienced a 148% rise in revenue growth in the 12 months through July 31, a person with knowledge of the matter said. Outdoorsy is slated to book more than $100 million in gross revenue by year-end, the person added.
Other marketplace-based companies are considering an IPO or have already made debuts. Car-sharing startup Turo said last month it had confidentially filed IPO paperwork, while BBQGuys, an e-commerce platform for grills and other outdoor items, in July agreed to merge with a SPAC. That followed an April agreement by Sonder, a property rental startup, to go public through a SPAC merger.
Read more: The Airbnb of RVs Is Booming After Covid-19 Nearly Destroyed It
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