Octane secures $50 million in Series E funding round.
Date – 06-Aug-2024
New equity financing to drive growth, product innovation, and market expansion.
Octane, a fintech leader transforming the purchasing process for major recreational assets, has successfully completed its Series E funding round, securing $50 million in new equity. With this latest round, Octane has raised a total of $242 million in equity funding.
The new capital will drive Octane’s expansion into new markets, accelerate growth in existing ones, and strengthen its position for future success. This funding round, which saw participation exclusively from existing investors, was led by Valar Ventures with Upper90 also contributing.
Jason Guss, CEO and Co-Founder of Octane, commented, “We’re thrilled to deepen our partnership with Valar and Upper90 as we enhance the financing experience with greater speed and ease. Octane’s advanced digital tools and extensive credit coverage have established us as a leader in the powersports market and enabled significant growth in adjacent sectors like RVs. This investment will allow us to build on our momentum and reach new markets, connecting even more people with their passions.”
Founded in 2014, Octane has revolutionized financing within the nearly $30 billion powersports market, which includes motorcycles, ATVs, UTVs, and personal watercraft. The company’s innovative digital solutions, such as its industry-leading dealer platform and award-winning soft-pull prequalification tools, enable over 4,000 dealer partners to provide a seamless customer experience. Octane, through its in-house lender Roadrunner Financial®, Inc., has originated over $4 billion in loans and expanded into markets including RVs, tractors, trailers, and electric vehicles, working with more than 30 original equipment manufacturer (OEM) partners.
Octane continues to reshape recreational purchases by offering a streamlined, end-to-end digital buying experience. By integrating cutting-edge technology and innovative risk strategies, Octane makes it easier for consumers to acquire lifestyle assets like powersports vehicles, RVs, and outdoor equipment. The company enhances the customer journey through its media brands, including Cycle World® and UTV Driver®, offering instant online prequalification, seamless dealership transactions, and exceptional loan servicing.
