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Harvest Hosts Raises $37 Million to Expand Offering of Unique RV Camping Options as Road Travel Accelerates
The Investment Allows the Travel Company to Expand Its Host Locations While Supporting Thousands of North American Small Businesses
VAIL, Colo., March 2, 2021 -- Harvest Hosts, a membership program that allows RVers to access unique overnight stays, today announces a $37 million growth investment from Stripes. As road travel and the RV industry experience a major surge, the investment will enable the company to drive its continued expansion of host locations to connect travelers with safe, one-of-a-kind overnight experiences, while supporting small businesses.
Harvest Hosts offers its members overnight stays at an extensive network of over 1,900 wineries, breweries, farms, golf courses, museums and other scenic attractions across North America. From a lavender farm to skydiving center and everything in between, Harvest Hosts is delivering a new kind of camping experience for road travelers. Harvest Hosts' membership base doubled in 2020, and members spent over $25 million with the small businesses they visited. The rapid growth of the RV community has continued accelerating as a new class of travelers begin exploring the safe and scenic world of RV travel.
"At Harvest Hosts, our mission is to help people live happier lives by getting off the couch and onto the open road, while also supporting the small businesses that are the backbone of America," says Joel Holland, CEO of Harvest Hosts. "We want Harvest Hosts to continue being a trusted resource for finding a unique RV experience. We are excited to be partnering with Stripes to double down on the investment in our host network and member experience. We want everyone who interacts with Harvest Hosts, members and hosts alike, to benefit from the experience."
As the RV industry continues to boom, RVers need great places to stay. According to RV Industry Association, 46 million Americans plan to take an RV trip in the next 12 months. In an effort to alleviate the growing camping inventory problem, Harvest Hosts is partnering with thousands of small businesses across North America to provide RVers with alternative overnight experiences while also helping to fuel the economy and keep small businesses afloat.
"It's an exciting time to partner with Joel and the Harvest Hosts team. We look to back ambitious entrepreneurs who are delivering amazing products, and it became clear as we spent more time in the space that Joel is building a really special product for RVers," says Chris Carey, Partner at Stripes. "As part of our research, we surveyed thousands of RVers and dozens of hosts to learn about their firsthand experiences, and the feedback was overwhelmingly positive from both members and hosts. And what got us even more excited is the significant opportunities to continue to expand the host network and offerings for RVers to make the experience even better. The energy and charisma from Joel to invest in making Harvest Hosts the leading RV experience platform was the final piece of the puzzle. His vision for the company is something we are excited to be part of."
Harvest Hosts currently has more than 1,900 locations and will continue expanding the network. As part of their membership fee, members can stay at an unlimited number of locations without any additional fees, other than the suggestion to support the local businesses they visit. Travel is evolving and the RV industry is primed for another monumental year ahead, with Harvest Hosts blazing the trail when it comes to alternative camping experiences.
Lightning Partners acted as exclusive financial advisor and Cooley served as legal advisor for Harvest Hosts. Dechert served as legal advisor for Stripes.
About Harvest Hosts
Harvest Hosts is a membership club for RVers offering unique overnight stays at 1,900+ farms, wineries, breweries, distilleries, golf courses, museums and other scenic small businesses all over North America. The company's mission is to help people live happier lives by getting off the couch and onto the open road, while also supporting small businesses that are the backbone of America. To learn more, visit: www.harvesthosts.com.
About Lightning Partners
Lightning Partners provides direction and advice to growth technology companies and their Boards of Directors on M&A, capital raising and strategy that drive significant shareholder value. The firm consistently and tenaciously delivers optimum results for entrepreneurs, growth companies and their investors, including industry leading valuations, transaction terms and close rates. For more information, visit www.lightningpartners.com.
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