Outside Interactive is slated to get a major financial boost after Vector Velocity confirmed on Tuesday that it locked in a $50 million senior secured credit investment in the technology recreation company.
Under the terms of the agreement, Outside will use the proceeds to strengthen its continued growth and produce more outdoor-focused content, services, events and experiences.
“Vector understands both our business and the opportunity ahead,” Robin Thurston, CEO of Outside said. “This investment strengthens our business while providing the flexibility to continue investing in the products, technology and experiences that connect more people with the outdoors.”
Outside will have access to up to $50 million if it chooses to access the full amount and use as much as needed until a set limit instead of taking on the entire cash infusion at once.
Vector Velocity operates as the direct credit investment strategy of private equity firm Vector Capital Management and describe itself as a facility that supplies loans to “middle-market technology and tech-enabled companies.”
“Outside has built a unique platform at the intersection of technology and the global outdoor recreation economy, one of the world’s largest and fastest-growing markets,” Nick Ghoussaini, head of credit at Vector Capital said. “Outside’s network of brands, applications, and experiences strengthens as consumers engage across multiple products and services, creating durable customer relationships and compelling long-term growth opportunities. We are excited to partner with Robin and the Outside team as they continue to scale the platform.”
With a stable of brands under its umbrella, Outside Interactive has expanded its reach in the media, technology and event spaces and said that it reaches over 70 million monthly active users across its portfolio that includes Outside magazine, MapMyFitness, Velo, Yoga Journal, Pinkbike, Gaia GPS, Trailforks, athleteReg and other outlets.
Outside magazine dates back to 1977 but the current iteration of its parent company was founded in 2017 as Pocket Outdoor Media and evolved into Outside Interactive when Outside Integrated Media was acquired in 2021 and later rebranded. The company launched an aggressive wave of acquisitions after absorbing Yoga Journal, SKI, Climbing and Backpacker from Active Interest Media along with Big Stone Publishing and its publications Trail Runner, Gym Climber and Rock & Ice by 2020. That same year Outside also purchased event photography company FinisherPix.
By the time the Outside rolled out its rebrand in February 2021 and took hold of the Outside Integrated Media assets, Outside magazine, Outside TV, Gaia GPS, athleteReg and Peloton Magazine were all added to the rapidly growing company, which also acquired marketing agency Inkwell Media and online education brand Roam Media in late 2021.
The company shifted its priority to technology platforms by 2022 when it bought endurance speed-record platform Fastest Known Time, action sports learning platform Stomp Sessions and later MapMyFitness from Under Armour. Last February, Outside also acquired resort booking and destination software provider Inntopia.
