Growth Stage

Multipurpose camping vehicles for family, work and play

Multipurpose camping vehicles for family, work and play


Raised this Round: Raised: $308,805

Total Commitments ($USD)



Start Date


Close Date


Min. Goal
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Security Type

Equity - Common



SEC Filing Type

RegCF    Open SEC Filing

Price Per Share


Pre-Money Valuation


Year Founded



Transportation, Automotive, Aviation, & Aerospace

Tech Sector


Distribution Model




Capital Intensity



Oxnard, California

Business Type


ModVans, with a pre-money valuation of $25.3 million, is raising crowdfunding on Wefunder. The company manufactures and sells multipurpose camping vehicles for work, play, and family. The CV1 camper van of ModVans comes with comfortable seating for five passengers, two beds, and removable RV components. Pj Tezza and Laurie Tezza founded ModVans in 2012 and raised over $1.7 million since the inception. The proceeds of the current crowdfunding round, with a minimum raise of $50,004 and a maximum raise of $400,000, will be used towards website overhaul, marketing videos, COGS inventory, and other legal expenses. ModVans has a proven demand with $12 million of deposit-backed reservations, $6 million of signed sales orders, and $3.6 million in revenue.

Summary Profit and Loss Statement

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Financials as of: 11/19/2020
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Raise History

Offering Name Close Date Platform Valuation/Cap Total Raised Security Type Status Reg Type
ModVans 11/06/2024 Self Managed $82,342,492 - Equity - Common Active RegA+
ModVans 12/29/2022 Wefunder $74,156,340 $114,163 Equity - Common Funded RegCF
ModVans 08/30/2021 Wefunder $20,700,000 $308,805 Equity - Common Funded RegCF
ModVans 06/29/2020 StartEngine $13,500,000 $1,069,941 Equity - Common Funded RegCF
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Revenue History

Note: Revenue data points reflect the latest of either the most recent fiscal year's financials, or updated revenues directly from the founder, at each raise's close date.

Valuation History

Price per Share History

Note: Share prices shown in earlier rounds may not be indicative of any stock splits.

Employee History

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Almost 80 million U.S. households go camping, and the outdoor pastime is becoming more and more popular. The 2019 North American Camping Report revealed that millennials, Gen-Zers, and children are more excited about camping than ever. The COVID pandemic has only accelerated interest in camping. Parks departments have recorded a significant increase in camping visits during 2020. 

As more and more families spend the weekend outdoors, many are seeking transportation options that make camping easier. RVs are always an option — but they’re expensive, take up space, and can’t be used outside of road tripping and camping. A smaller, more flexible vehicle is better suited for the average family, and that’s where ModVans comes in. 

ModVans is a van renovation company transforming standard work vans into mini-RVs for families and adventurers. ModVans vehicles provide seating for 5-to-7 family members and are small enough to be used for day-to-day driving. They also have features made for camping like small stoves, storage space, and beds. ModVans’ founders and husband-and-wife team PJ and Laurie Tezza created the first ModVan to meet their own family transport and camping needs. Soon after, they expanded ModVans production to meet strong consumer demand. 

ModVans’ current Wefunder raise has been rated a Neutral Deal by the KingsCrowd investment team.

Next Section: Price


ModVans launched an equity offering at a $25.3 million valuation. Early bird investors who commit in the first $150,000 raised get in at a $20.7 million valuation. This price is very high given ModVans’ current revenue performance (just under $1.5 million last year), plus lack of defensible intellectual property and competition from large vehicle makers. Therefore, ModVans’ price rating is very low.

Next Section: Market


The recreational vehicle market was valued at $42.5 billion in 2019 and is projected to grow at a 7% CAGR until 2026. Camping is more popular than ever, as is road tripping. Both pastimes are among the few remaining recreational options during the COVID-19 pandemic, and they are likely to remain popular even after the pandemic subsides.

This market strength is a good sign for ModVans. The company also benefits from capturing some market share from family SUV purchases. ModVans positions itself as the best recreational vehicle option that can actually replace (not add to) a family’s lineup of vehicles. 

The demand for recreational vehicles is strong, and therefore ModVans’ market rating is quite high.

Next Section: Team


ModVans was founded by husband-and-wife team PJ and Laurie Tezza. PJ, the company’s CEO, has over 20 years of experience in startups. He began his career as an engineer after graduating with a B.S. in Physics from Georgia State University. He later served as the founder or co-founder of five companies. Before transitioning full-time to ModVans, PJ was the CEO of Find My Path, a software company helping students plan their career goals. 

Laurie Tezza, ModVans’ Director of Operations, also has spent 20+ years in business. She holds a B.S. in Psychology, a Master’s in Sociology, and an MBA, all from Georgia State University. She has served in various product development, marketing, business development, and consulting roles over the last several years. 

PJ and Laurie Tezza both bring strong business backgrounds to ModVans. PJ’s long-time experience as a founder and CEO is undoubtedly beneficial to the business. However, neither founder has a particular background in transportation or manufacturing. Therefore, ModVans’ team rating is middle-of-the-road.

Next Section: Differentiators


ModVans’ entire business was built on differentiation. Co-founders PJ and Laurie Tezza couldn’t find a vehicle that met their needs for family transportation and recreation, so they built one themselves. ModVans is particularly focused on differentiating itself from traditional campervans and RVs by being flexible enough to be a family’s main transportation vehicle to school, soccer games, etc. — which can’t be said of many recreational vehicles. ModVans are also less expensive than many brand-new recreational vehicle options. 

It should be noted, though, that many consumers buy used recreational vehicles, which are often cheaper than ModVans’ starting price of approximately $90,000. Moreover, while the company attempts to differentiate itself based on features, the average consumer may perceive that ModVans are quite similar to other small campervans on the market. The ability to transport kids on a day-to-day basis in the ModVan may be somewhat unique, but it’s unclear how many consumers are actually in need of that flexibility. Many in the market for a recreational vehicle have likely already planned to purchase an additional vehicle on top of existing SUVs. 

Overall, ModVans are somewhat differentiated from competitors. However, for a big-ticket item like this, consumers are likely to be very discerning about the true difference between these vehicles and others on the market. It’s not clear that a ModVan is actually distinct upon that careful comparison. Therefore, ModVans’ differentiation rating is middle-of-the-road.

Next Section: Performance


ModVans has generated significant revenue, a somewhat surprising amount for a company of this size. Remember, though, that ModVans are very expensive products, so the company makes millions in revenue off of only a small number of purchases. ModVans has delivered more than 50 vans over the course of several years of operation and has booked $3.6 million in lifetime revenue. In 2019 — the last year with available financial data — ModVans generated $1.47 million in revenue. 

Perhaps more impressive than ModVans’ realized revenue is demand for future orders. The company has over $6 million of signed sales orders in its pipeline and has received $12 million worth of deposit-backed orders. This strong demand motivates ModVans’ current raise. The company needs to build more vans each month to keep up with incoming reservations (which have all been generated organically). 

Strong demand and impressive financial performance drive a very high performance rating for ModVans.

Next Section: Other

Bearish Outlook

ModVans has built impressive consumer demand. At its core though, the company is a small business, not a high-growth startup. ModVans will presumably struggle to scale significantly, because each van must be individually modified with highly-skilled labor. That’s why the company’s profit margins are low, with almost $950,000 in cost of goods sold for $1.5 million in gross revenue last year. 

Moreover, it’s not immediately clear that ModVans’ product is significantly better than that of competitors. Small features here or there might be more convenient, and a ModVan is cheaper than most brand-new RV options. However, many consumers are likely considering used vehicles that strongly resemble a ModVan. The company is likely to face increased competition in coming years, both as major vehicle manufacturers adjust products to better meet consumer demand and as small shops cater to increased interest in adventuring and van living. 

ModVans is making a large amount of money — but it is spending a lot too. The long-term prospects of the business are mediocre, and investors may struggle to reap a return, particularly at this high price.

Next Section: Bullish Outlook

Bullish Outlook

Camping and outdoor adventuring is more popular than ever before. Entire communities on Instagram and Pinterest are dedicated to van living. Families are turning away from screens and embracing quiet bonding time in the outdoors. ModVans’ long list of deposit-backed reservations reflects these trends, and the company is clearly marketing itself well to a certain segment of consumers. The results speak for themselves: $6 million in signed sales orders and $12 million in deposit-backed reservations is a significant accomplishment. 

ModVans also benefits from a co-founding team that has deep business experience. CEO PJ Tezza has led a number of startups in the past and has already grown ModVans into a multimillion dollar business with increasingly larger manufacturing facilities. The husband-and-wife co-founding team also has a strong connection to their customers, having first built a ModVan for their own personal use. 

While ModVans is selling expensive products in a relatively niche space, there are strong signals that excellent product-market fit and smart operations could result in success. 

Next Section: Executive Summary

Executive Summary

ModVans provides customized recreational vehicles with day-to-day transportation capabilities to families and adventurers. It’s a great time to be in the outdoors adventure business — Americans have spent more time outside than ever this year, and slick vehicles like ModVans make it all the easier to enjoy camping and road tripping. That strong consumer interest is reflected in ModVans’ performance. With $3.6 million in revenue to date and $12 million in deposit-backed reservations, ModVans has demonstrated product-market fit. 

On the other hand, ModVans looks more like a small business than a high-growth startup. Margins on labor-intensive van customizations are relatively low, and the total number of families willing to spend $90,000 on a camper van is somewhat limited.In addition, that pool of consumers is likely taking their time to compare all recreational vehicle options, and it’s not clear that ModVans wins out against used campervans or other RV alternatives. Therefore, ModVans has been rated a Neutral Deal. 

For questions regarding the KingsCrowd staff pick or ratings for this company, please reach out to

Analysis written by Katy Dolan.

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ModVans on Wefunder
Platform: Wefunder
Security Type: Equity - Common
Valuation: $20,700,000
Price per Share: $9.00

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