Dave & Matt Vans Receives Capital Investment from 18Road LLC
September 1, 2021
Additional capital will support expansion of the company’s rental fleet, amid rapid growth
GYPSUM, Colo. – Sept. 1, 2021 – Dave & Matt Vans, the ‘lifestyle vehicle’ company that builds and rents vans featuring everything you need and nothing you don’t, is pleased to announce a capital investment from 18Road LLC,which provides catalytic investments into Colorado-based businesses.
The investment represents the first outside funding for Dave & Matt Vans since its inception in 2019.
While terms of the investment were not disclosed, the capital being committed through the credit facility will allow Dave & Matt Vans to significantly expand its rental offerings. To date, the company’s rental program has experienced a more than 200% year-over-year growth in revenue, driven by a 41% increase in reservations.
Concurrent with the closing of this facility, the company has expanded its rental fleet from four vehicles to seven, with intentions to further growth the fleet towards a long-term target of 10 vehicles. Dave & Matt Vans will prudently mange the fleet, under the leadership of Steve Klehfoth, rental manager and customer experience specialist.
Dave & Matt Vans’ rental program is an important piece of the company’s mission to make van life accessible to everyone, as it enables more people to experience van life, and provides an opportunity for potential consumers to ‘test drive’ the lifestyle before fully investing in a vehicle.
Expanding the rental program also sets the stage for additional growth for the company, as nearly 35% of renters year-to-date have gone on to submit ‘van builder’ inquiries on the company’s website, indicating intent to purchase a van. Already this year, six rental customers have gone on to complete a van purchase.
“This is a huge moment for the team at Dave & Matt Vans,” said Wyatt Sparks, chief financial officer of Dave & Matt Vans. “This is a substantial investment that will play a critical role in funding the growth of our rental program, and we are extremely excited about partnering with 18Road LLC.”
This is the first investment from 18Road LLC, a fund focused exclusively on hospitality and outdoor recreation businesses across Colorado.
“We are thrilled to support the team at Dave & Matt Vans as they build out their rental fleet of modern vans,” says Drew Fink, Manager at 18Road LLC. “As residents of the Vail Valley, we love how Dave & Matt Vans has designed a product that is both attractive and uniquely affordable, allowing more people to get out and explore all the amazing richness that this area has to offer. On top of that, this is an incredibly talented and sophisticated team of operators that is relentlessly refining both their product and model. It is a pleasure to work with such a high-quality business right here on the Western Slope.”
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About Dave & Matt Vans
Dave & Matt Vans is a custom van outfitter based in Gypsum, Colorado that builds and rents ‘lifestyle vehicles’ featuring everything you need and nothing you don’t. Dave & Matt Vans’ vehicles are designed to be used for everything from weekend adventures to long-term travel, to remote work, and even as an alternative housing option for full-time living. Built around a mission to make van life accessible to everyone, Dave & Matt Vans offers some of the most affordable campervans on the market. Since its inception in 2019, the company has produced more than 275 vans, and employs nearly 30 full-time team members.
About 18 Road LLC
18Road is a boutique investment firm focused on supporting the next generation of entrepreneurs in the hospitality and outdoor recreation economy across the mountain west. Inspired by and reinvigorated by time in the outdoors, the team at 18Road seeks out businesses with a community and recreation focus that are design-oriented and experience-obsessed. 18Road believes that as the region experiences unprecedented growth from those seeking an active lifestyle, businesses that help people live happier, healthier, fuller lives will thrive.