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AUSTIN, Texas, Sept. 12, 2018 (GLOBE NEWSWIRE) -- 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 Bank
Square 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.
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.
Square 1 Bank, a division of Pacific Western Bank