With travel limited for many U.S. residents due to ongoing health concerns, Americans are increasingly exploring domestic vacation alternatives, leading RVshare, an RV rental company, to secure over $100 million in funding to meet the growing demand.

This new capital comes from private equity firms KKR and Tritium Partners, and will be used to support the company’s operations as it experiences a significant increase in RV rentals across the nation.

The growth experienced by the company, based in Akron, Ohio, has been remarkable. According to a report in The Drive, RVshare observed a 650% surge in bookings between April and May of 2020.

While the renewed interest in RVs isn’t solely attributable to the pandemic, the outbreak of Sars-Cov-2 has undoubtedly contributed to the substantial rise in campervan demand, as vacationers face limited travel options and heightened safety considerations.

RVshare is not the only company benefiting from this trend.

Outdoorsy, a peer-to-peer RV rental platform established in 2015, initially relied on self-funding before attracting $88 million in venture capital. This included a $13 million extension to a $50 million Series B funding round completed earlier this year, as reported by TechCrunch. Cabana, a startup founded by a former Lime executive, is innovating by blending the RV rental experience with hotel-style accommodations. Additionally, Kibbo is transforming RV parks into aesthetically appealing destinations reminiscent of the popular “vanlife” movement.

RVshare, founded in 2013, facilitates connections between RV owners and renters. Since its inception, the company has built a network exceeding 100,000 recreational vehicles and trailers, encompassing everything from luxury motorhomes to camper vans and towable trailers. Under the leadership of chief executive Jon Gray, RVshare has reported a 166% increase in fall bookings compared to 2019.

“The pandemic has accelerated RVshare’s growth as consumers seek RVs as a safe and flexible travel option. Tritium is pleased to continue supporting this team, business, and a rapidly expanding market. The addition of KKR, with their extensive experience and resources, will propel RVshare to even greater success,” stated a company representative.

KKR made this investment through its Next Generation Technology Growth Fund II, which closed with $2.2 billion in January 2020. The RVshare investment represents the fund’s tenth commitment, with previous investments including Zwift, ReliaQuest, Artlist, Darktrace, o9 Solutions and Slice.

According to a company statement, GCA Global served as the financial advisor to RVshare during this transaction.

“RVs are the lodging preference for over 40 million U.S. households who enjoy camping annually,” noted Ben Pederson, a Principal with KKR’s Technology Growth team. “A new generation of travelers is embracing domestic travel, and RVshare provides a user-friendly platform for RV owners to share their passion for camping and maximize the value of their vehicles.”