Vector Velocity, the direct credit investment strategy of Vector Capital, has completed a $50 million senior secured credit investment in Outside Interactive.
Outside plans to use the proceeds to invest in core areas of its business and support the continued growth of its outdoor media, technology, subscription and events platform.
Outside reaches more than 70 million consumers each month through a portfolio spanning premium media brands, GPS mapping applications, subscription products, travel software and live events.
The company’s network includes Outside, Outside TV, MapMyFitness, Gaia GPS, Trailforks, Inntopia, Pinkbike, SKI, Climbing, Velo and athleteReg.
Outside said the connected portfolio creates a platform that serves consumers across multiple stages of the outdoor experience, including inspiration, trip planning, navigation, activity tracking, event registration and media consumption.
The company has more than 1 million paying subscribers and reaches over 300 million outdoor consumers annually. It also has more than 100 million registered users across a network of 25 media, mapping, travel and event brands.
Outside’s subscription product, Outside+, bundles editorial content, video, equipment reviews, mapping applications, travel services and race registration.
Vector said the investment reflects its strategy of providing customized credit solutions to technology-enabled companies with recurring revenue, durable competitive positions and long-term growth potential.
Vector Capital manages more than $3.7 billion across private equity and credit strategies. The San Francisco-based investment firm has focused on middle-market technology and technology-enabled companies since its founding in 1997.
GP Bullhound served as Outside Interactive’s exclusive financial adviser on the transaction.
KEY QUOTES:
“Outside has built a unique platform at the intersection of technology and the global outdoor recreation economy, one of the world’s largest and fastest-growing markets.”
“Outside’s network of brands, applications and experiences strengthens as consumers engage across multiple products and services, creating durable customer relationships and compelling long-term growth opportunities. We are excited to partner with Robin and the Outside team as they continue to scale the platform.”
Nick Ghoussaini, Head of Credit at Vector Capital
“Vector understands both our business and the opportunity ahead. This investment strengthens our business while providing the flexibility to continue investing in the products, technology and experiences that connect more people with the outdoors.”
Robin Thurston, CEO of Outside Interactive
