RVnGO
Phoenix, Arizona, United States
Industry: Peer-to-peer RV rentals
Region: US 🇺🇸
Founded: 2015
Expected Valuation: $65.17 million
IPO Date: 2023 (expected)
RVeloCITY, Inc.
Key Company Facts
| Founded | 2015 |
| Headquarters | Phoenix, US |
| Sector | Consumer Discretionary |
| Industry | Transportation |
| Founders | Paul Kacir |
| Number of employees | 19 |
| IPO Date | 2023 (expected) |
| Number of investors | N/A |
| Total funding | $4.2 million USD |
| Valuation estimate | $65.17 million USD |
Company Overview & History
RVnGO, also known as RVeloCITY, Inc., is a company that operates an online RV rental technology platform. This platform aims to simplify the process of RV rental transactions online, serving as a peer-to-peer platform that connects RV owners with potential renters.
The company’s rental platform is designed to be quick, scalable, and features built-in online sites and transaction engines for global financial institutions. This allows RV owners to have their own white label booking engine and website. The company was founded in 2015 by Paul Kacir and has its headquarters located in the Greater Phoenix Area in the Western US.
Financial Performance
RVeloCITY is planning to go public, but the exact IPO date is yet unknown. The company’s market cap or net worth is valued at $65.17 million, with an enterprise value of $67.91 million. It has 14.48 million shares outstanding, and the IPO price range is expected to be between $4.00 and $5.00 per share. In the last 12 months, the company has generated revenue of $361,239 and had losses of -$7.71 million, with a loss per share of -$0.53.
The company’s financial status includes $339,707 in cash and $3.07 million in debt, yielding a net cash position of -$2.73 million, or -$0.19 per share. Gross margin stands at -80.81%, with operating and profit margins of -2,160.79% and -2,134.21% respectively. As of now, RVeloCITY does not pay any dividends.
Revenue
| Year | Revenue (USD) |
|---|---|
| 2020 | $0.13 million |
| 2021 | $0.34 million |
| 2022 | $0.36 million |
Business Model
RVeloCITY operates a peer-to-peer marketplace for recreational vehicle rentals, akin to Airbnb, but specific to RVs. The company generates revenues through several streams: a ‘protection plan’ that protects the guest and the host during the rental period for damage caused to the RV and provides $1 million auto liability coverage arranged with a third-party underwriter; a processing fee paid by guests; and optional 24/7 roadside assistance services.
These services are part of a broader set of value-added services that RVeloCITY provides to its users. The company conducts its business through its website, RVnGO.com, where it provides the software and access to customers desired by hosts. The platform is designed to make it easy for guests to find exactly what they are looking for and book the RV as easily as they would any other rental vehicle.
The company also safeguards the integrity of every rental transaction, which includes protection in case of transaction cancellation or failure by the host to deliver the RV, and during the rental if there is damage caused to the RV.
Estimated Valuation
| Year | Valuation (USD) |
|---|---|
| 2023 | $65.17 million |
Risk Factors
RVeloCITY, also known as RVnGO, is an online platform for peer-to-peer RV rentals. The business model revolves around a marketplace for RV rentals, protection plans for guests and hosts, and 24/7 roadside assistance services. However, there are some significant risk factors that must be taken into account.
First, RVnGO faces stiff competition from larger platforms such as Outdoorsy and RVshare, both of which reportedly have millions of customer visits each month. Compared to these competitors, RVnGO does not yet have anywhere near the same level of web traffic, which can make it more challenging for hosts to find renters2.
Second, there have been reports of a poor customer experience with RVnGO. Some users have described the company as “evasive” during the claim process, and one user reported significant damages to their vehicle after renting it out through the platform. Such experiences can damage the company’s reputation and deter potential users.
Market Opportunity
RVnGO is a company operating in the RV rental and sharing market. They connect RV owners with renters through their online platform. The company has identified promising market opportunities, including the growing RV rental market fueled by the increasing demand for unique travel experiences. RVnGO can attract a diverse customer base by offering a wide selection of RVs for rent.
Additionally, they can tap into the sharing economy by enabling owners to rent out their vehicles when not in use, providing more affordable and convenient options for renters. By leveraging technology advancements and optimizing their services, RVnGO can position itself for growth and expansion in the market.
Competitors
- Flock Freight
- Drivezy
- Busbud
- Kognitiv
- Kigo
- gorvrentals.com
- rvezy.com
- cruiseamerica.com
- elmonterv.com
- rvrentals.com