Octane Lending, a NYC-based provider of istant financing for consumers, and OEMs throughout the buying journey for major recreational purchases, raised $52m in Series D funding.
The round, which brought total funding raised to date to over $192m in total equity funding and valuation to over $900m, was led by Progressive Investment Company, Inc., a member of the Progressive Insurance ® group, with participation from existing investors Valar Ventures, Upper90, Contour Venture Partners, Citi Ventures, Third Prime and Parkwood as well as new investors Gaingels and ALIVE.
The company intends to use the funds to scale its buying solution for consumers shopping for powersports vehicles online, grow its family of 3,800 dealership partners and 40 OEM and brand partners—which include BRP, Suzuki, and Triumph Motorcycles—and expand to adjacent markets.
Led by CEO Jason Guss, Octane offers instant financing for large recreational purchases such as motorcycles, ATVs, and zero-turn lawn mowers. The company provides automated underwriting, innovative credit products, and financing, through in-house lender Roadrunner Financial. Octane reaches millions of enthusiasts through editorial brands like Cycle World and UTV Driver and helps consumers buy their favorite products by prequalifying them on dealer and OEM websites.
It is a remote-first workplace with offices in NY and Dallas employing a team of 336 employees.
FinSMEs
05/08/2021