London Technology Club participates in Rollick’s USD8.5m fundraise
The London Technology Club (LTC), has invested in Rollick Inc, which operates the GoRollick Powersports, RV, and Boat Buying Program Marketplace, as part of a USD8.5 million fundraising round.
LTC’s investment is made alongside strategic investors Sandbox Insurtech Ventures and TechNexus, as well as Dallas, Venture Capital and Congress Avenue Ventures. Liveoak Venture Partners, Silverton Partners, Autotech Ventures, Manchester Story, Anthem Venture Partners, and Capital Factory continued their support in this round of financing.
The current round brings the total capital invested in the company to $22M. Rollick executed initial program rollouts with several strategic partners in the second half of 2020 including finance and insurance providers, and powersports manufacturers. The new funds will be used to expand these programs nationwide and secure new programs from recreation industry players wanting to tap into Rollick’s growing customer base.
According to the RV Industry Association, the industry has been surging in terms of growth with over 420,000 units sold in 2020 with an expectation of over 500,000 in 2021.
New-model powersports sales increased 18.4 per cent in 2020, with motorcycle and scooter sales rising 11.4 per cent, according to the Motorcycle Industry Council Retail Sales Report. Interest in off-highway motorcycles spiked, with sales up 46.5 percent year-over-year. Sales of ATVs also jumped, rising 33.8 per cent over 2019.
The National Marine Manufacturers Association (NMMA) reported that sales of new powerboats rose in 2020 by roughly 12 per cent compared with 2019. More than 310,000 new powerboats were sold in 2020, levels the recreational boating industry has not seen since before the 2008 recession.
Due to this increased consumer demand and to address Covid-19 concerns and mandated dealership closures, Rollick launched the “Buy From Home” program in late April 2020 across its national dealer network. This program is available to members of Rollick’s private-labeled vehicle buying programs including Sam’s Club, AAA, Progressive Insurance, as well as active military, veterans and first responders.
London Technology Club is a community of family offices, private investors, venture capital companies, institutional investors and technology experts which aims to bring together investors, leading VCs and growth/late stage tech companies to create value. It exists to connect its members with exclusive investment opportunities in cutting-edge technology companies.
London Technology Club Founder and Chief Executive Officer Konstantin Sidorov says: “We are thrilled to have invested in Rollick alongside some of the world’s leading VC investors. The recreation sector has seen a period of sustained growth as many across Europe and the US look to exploit staycations and enjoy the outdoors. With its strong leadership and fundamentals, it is no surprise that Rollick is perfected suited to make the most of these trends delivering a fantastic service for its customers and clients.”
Bernie Brenner, Rollick Founder and CEO says: “The recreation category has seen unprecedented growth in the second half of 2020 as people look for ways to get outdoors, have fun, and stay safe during the pandemic. We set out three and half years ago to help recreation dealers and manufacturers provide a deeper digital engagement with consumers, creating a higher quality transaction and increasing customer satisfaction.”