Jay Z

On Tuesday, campsite rental startup Hipcamp announced that Jay-Z’s Marcy Venture Partners and Will Smith’s Dreamers Fund joined the startup’s $25 million Series B funding round.
The startup is commonly referred to as the Airbnb for camping and lets users book campsites on private property or federal lands.
Andreessen Horowitz led the startup’s Series B, which was announced on July 24 and valued the company at $127 million, according to Pitchbook data.
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Camping has already gotten a makeover to become Glamping. Now it’s getting celebrity investors.

On Tuesday, Shawn “Jay-Z” Carter and Will Smith announced they were backing campsite booking startup Hipcamp. The startup had officially announced its $25 million Series B on July 24.

The two rappers-turned-entrepreneurs backed the buzzy startup, commonly referred to as the Airbnb for camping, through their respective venture capital funds Marcy Venture Partners and Dreamers Fund. The specific contribution amounts were not disclosed.

Read More: Stanford researchers found evidence that racial bias against venture-capital funds led by people of color increases the better the funds perform

Andreessen Horowitz led Hipcamp’s July Series B that valued the company at $127 million, according to Pitchbook data. The startup has raised $41.6 million in venture funding since 2013.

Hipcamp’s mission, according to a recent Forbes report, is to get more people outside, and offers its users a wide selection of camping, glamping, and RV options on private property, along with real-time availability and review data for federal lands like national parks. Forbes reported that the company is hoping to add listings for campgrounds at state parks in the future.

The investment from Carter and Smith comes as camping has skyrocketed in popularity with younger people looking to escape the deluge of technology in their everyday lives. But a myth persists that people of color, and specifically young black millennials, have avoided outdoor recreation.

“For a long time, being “outdoorsy” meant you fit a very specific mold,” Hipcamp founder and CEO Alyssa Ravasio wrote in a blog post announcing the news. “Thankfully, that’s changing.”

SEE ALSO: There’s a boom in VC funding for fertility startups. But female founders say they still have a hard time getting men to invest.

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Source:: Business Insider

      

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Hipcamp, the Airbnb for camping, isn’t roughing it with new investors Jay-Z and Will Smith

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