Octane Lending has unlocked additional resources to continue its expansion into new markets. The lender closed a recent fundraising round with $50 million in new equity capital.
Octane has raised $242 million in total equity funding to date.
Octane CEO and co-founder Jason Guss said, “Octane’s digital tools and broad credit coverage have propelled us to become a leader in our initial market of powersports and gain significant traction in adjacent markets, like RVs. This new funding will help us build on this momentum and expand into new markets as we connect even more people with their passions.”
The funding entirely included existing investors increasing their Octane investment. Valar Ventures and Upper90 were among the investors.
Octane began its career in the powersports industry in 2016. The company provides dealer tools including its dealer platform and soft-pull prequalification tools. The lender serves more than 4,000 dealers.
