RVnGo, an online platform for peer-to-peer RV rentals, is seeking to raise more than $10 million in an initial public offering filed with the U.S. Securities and Exchange Commission.
The Phoenix-based company, which submitted the application under RVeloCITY Inc., plans to list its shares on the Nasdaq exchange and trade under the ticker symbol “RVGO.”
"We are looking for a $10 million new raise, plus some existing shares will be registered and all of our convertible debt will get converted, bringing the IPO in somewhere over $15 million," Paul Kacir, RVnGo founder and CEO, said in an email.
The company intends to use proceeds from the IPO to repay its loans and for general operating expenses, including research and development, sales and marketing, employee recruitment and funding future strategic transactions, according to the SEC filing.
RVnGo did not disclose share pricing or other details on the timing for the IPO.
RVnGO CEO Paul Kacir has IPO experience
Kacir, a former attorney and vice president and general counsel for First Solar, founded RVnGo in 2015. The company operates an online RV rental platform allowing hosts to rent their vehicles to guests — similar to AirBnB, but for RVs.
Kacir told the Phoenix Business Journal last year that RVnGO stands apart from competitors — such as Outdoorsy and RVShare — because its platform is free to use and does not charge any fees to hosts for rental transactions.
The company generates revenue through its RV rental protection plan, a 3% processing fee paid by guests, and optional roadside assistance services.
RVnGo reported a value of $1.4 million in bookings on its platform in 2021, a 74% increase from $828,541 in bookings in 2020.
RVnGo, which was a consumer category winner at Arizona's Venture Madness in 2019, found success during the pandemic as travelers opted for road trips over air travel, boosting demand for RV rentals.
The company indicated in its SEC filing that its platform has more than 20,000 registered users, including 2,600 hosts and 550 fleet operators.
In 2021, RVnGo processed more than 1,200 rental transactions with more than 6,500 nights booked on its platform. In the first nine months of 2022, the company reported 6,403 nights booked, a 40% increase over the same time period in the prior year.
RVnGo generated $338,967 in revenue in 2021, a 153% increase from $133,983 in 2020.
Despite RVnGo’s uptick in revenue and RV bookings, the company incurred a net loss of $3.4 million in the fiscal year ending Nov. 30, 2021. It also incurred a net loss of $2.7 million in the fiscal year ending Nov. 30, 2020, according to the SEC filing.
The SEC filing shows Kacir’s annual base salary was $300,000 in 2022. The company’s chief risk officer and secretary, Gerald Hayden, Jr., and chief financial officer, Bryan Kleinlein, each had an annual salary of $185,000 in 2022.
Kacir is the company's largest shareholder, with 10.4 million Class A shares as well as 7.5 million Class B shares. He controls 33% of the company's outstanding shares. The second largest individual holders are Todd Baszucki (5.6 million Class A shares) and Philomena Investments LLC, controlled by Karlos Chowscano (4.3 million Class A shares).
Irvine, California-based Boustead Securities LLC is the lead book running manager for the proposed offering.
