RED ROVER® MOVING AND STORAGE FINALIZES $50 MILLION IN FUNDING FROM OPPENHEIMER & CO.

TAMPA, Fla., Feb. 4, 2022 /PRNewswire/ -- Red Rover® Moving and Storage, with its innovative business model providing customers with more affordable moving and storage options, announced today the funding of an upsized equity capital raise from Oppenheimer & Co.'s asset management business totaling $50 million. In December, Oppenheimer had provided an initial $15 million in equity capital with an option for additional investments from its clients.

"We're extremely excited to realize this increased investment from Oppenheimer. The $50 million raised will allow us to accelerate our growth plans by providing the ability to open additional new markets in 2022," says Peter Warhurst, founder and CEO of Red Rover. "The additional investment demonstrates Oppenheimer's confidence in our innovative business model as well as what a great partner they will be going forward. We are looking forward to our partnership with Oppenheimer to grow our exciting business for years to come."

Prior to the Oppenheimer funding, Red Rover had received $19.6 million from two previous non-institutional funding rounds. Oppenheimer is an established financial services company that offers investment banking, financial advisory services, capital market services and wealth management related products and services worldwide.

"We believe this increased investment will allow Red Rover to scale more quickly and take greater advantage of its exciting market opportunity," says Robert Lowenthal, President of Oppenheimer.

Red Rover launched in February 2020 and currently has three facilities in the Tampa Bay area, two in Massachusetts, three in New York, two in North Carolina and one in Waco, Texas that provides Long Distance Moving services to most of Texas.

Red Rover's innovative and "first–of–a–kind" business model is designed to disrupt the large and inefficient $50 billion moving and storage industry. Approximately ten percent of Americans move each year, and incumbents have not innovated their offerings to meet the changing needs of the customer. Red Rover created a new category in the moving and storage industry known as Fetchable Storage® by offering customers a portable storage unit, pre-loaded onto a truck, that the customer picks up and drives free, without the need to ever interact with a Red Rover employee. Its patent-pending proprietary ramp design provides the ability for rear or side-loading, which is especially valuable in city settings where space is tight. The ramp is operated by a remote control, so customers don't have to struggle with lifting and setting up a heavy ramp – it's literally a push of a button.

About Red Rover
A new solution backed by over 200 years of expertise, Red Rover® is focused on providing moving and storage solutions that are more affordable and convenient than traditional rental trucks or portable storage. With our Fetchable Storage containers, you can pick up and drop off your containers at your convenience, no waiting on drivers and no hidden fees. Headquartered in Tampa, Florida, Red Rover® was founded by Pete Warhurst, who founded PODS® and has considerable experience and expertise in moving and storage. For more information, please visit www.RedRovers.com.

For more information, please contact:
Sarah Henriksen|PRESS PR + Marketing
P: 407-233-9615
E: [email protected]

SOURCE Red Rover® Moving and Storage