Octane, a fintech company transforming the buying experience for major recreational purchases, announced that it has closed its Series E funding round with $50 million in new equity capital. And Octane has raised $242 million in total equity funding so far.
This funding will fuel Octane’s expansion into new markets, supercharge its growth in existing markets, and position the company more favorably for long-term success. This funding round is also unique because it was composed entirely of existing investors looking to increase their investment in the company. And Valar Ventures led the round with participation from Upper90.
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. And 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 its customers. Through its in-house lender, Roadrunner Financial, Octane originated over $4 billion in loans and expanded into recreational vehicles (RVs), tractors, trailers, and electric vehicles. The company also works with over 30 original equipment manufacturer (OEM) partners.
KEY QUOTE:
“We’re honored to strengthen our relationship with Valar and Upper90 as we bring speed and ease to the financing experience. 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.”
– Jason Guss, CEO and Co-Founder of Octane
