ModVans

Modern Camper Vans And RVs

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Company Information

Website:

https://www.modvans.com/

Sector:

Transportation

Location:

Ventura, CA

ModVans is producing a line of modular camper vans and RVs.

The company’s first vehicle, the “CV1,” combines the versatility of a van, the durability of a truck, and the comfort of a passenger vehicle.

With its fleet of vehicles, ModVans is targeting the $900 billion combined market for RVs, minivans, SUVs, and pickup trucks.

Specifically, the market for RVs, or recreational vehicles, is growing rapidly. According to the RV Industry Association, in 2017, dealers sold more than $20 billion of RVs, the highest amount in history.

This growing market has presented early-stage RV companies with opportunities to get acquired — for example:

In November 2016, after just four years of business, Grand Design RV was acquired by Winnebago for approximately $500 million. At the time, Grand Design was producing 6,000 RVs per year. ModVans believes it has the potential to be even bigger.

ModVans’s CV1 is considered a “Class B” motorhome. These homes, also known as camper vans, are smaller than Class A motorhomes — a 33-foot Winnebago, for example.

Despite their size, Class B motorhomes have room for a kitchen, living room, and bathroom. They also fit in standard parking spaces and get better gas mileage than Class A RVs.

To outperform competitors, ModVans’ vehicles focus on four areas: versatility, design, price, and modern manufacturing.

The CV1 is the only van that operates as a cargo van during the week for work, and a living space on the weekends for play. The vans feature a modern, sleek design that deviates from the traditional “boxy” RV shape, and each van offers amenities such as:

• Seating for 5…

• Touchscreen stereo and GPS…

• Refrigerator…

• A/C and heating…

• A propane system…

• And LED lighting.

Buyers can also add options such as a third-row seat, outdoor shower, and a cell phone tower “booster” to increase reception.

At $85,000, the CV1 is priced below other Class B RVs that can cost about $100,000.

In addition, ModVans’ vehicles are built using modules that can be mass produced, enabling the company to more efficiently scale and meet demand.

When ModVans receives an order and an initial deposit, it orders a custom-made Ford Transit vehicle. Once the vehicle arrives at the company’s warehouse, ModVans’ team starts converting it into an RV.

The conversion process takes approximately three weeks, and requires more than 300 parts. ModVans orders some of these parts from manufacturers and distributors, and builds some custom parts in-house.

During the process, the company’s sales team works with the customer to finalize payment and delivery options. Most customers take delivery at ModVans’ factory so they can receive hands-on training.

Founders Laurie and PJ Tezza originally built the CV1 to suit the needs of their family. Soon after, their design caught the attention of auto enthusiasts eager to find a new kind of RV.

In the first 12 months of business, ModVans sold more than $2.4 million worth of CV1s. Now, demand has exceeded production, which is why the company is seeking funding from investors. Its goal is to increase sales to $10 million annually within the next year.

Team Background

Peter Tezza - Co-Founder & CEO

Peter has more than 20 years of experience at early-stage tech companies and has achieved multiple successful exits.

Prior to starting ModVans, he was Chief Technology Officer for Find My Path, a software-as-a-service application to help students focus on their career paths.

For four years, he served as CEO of Jibebuy, a social network for shopping.

Peter was Engineering Manager for Tripwire, a software company focused on automated network security for businesses.

He co-founded Teztech, a technology consulting company, and Digital Agent, an internet service provider.

For eight years, Peter served as VP of Engineering for 3C Software, a company producing programs for cost remodeling and project estimation.

He earned a Bachelor’s degree in Physics from Georgia State University.

Laura Tezza - Co-Founder & Director of Operations

Laura has a background in areas including project management, marketing, and website content development.

She was previously an associate for KMJ Accounting Services.

She was also an MBA Advisor for Centro Community Partners, a company dedicated to training low-income and minority entrepreneurs to help them start a business.

For two years, Laura was in charge of product development and marketing for JibeBuy, the social network for shopping where her husband, Peter, was CEO.

She earned a Bachelor’s degree in Psychology from Georgia State University and an MBA from Mills College.

Raising
$1.07 million
Committed
$267K (25%)
Current Valuation
$13.50 million
Min. Investment
$101
Deal Type
Title III
(For all investors)
Offering Type
Equity
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