Borrow A Boat secures over £3m through crowdfunding
UK: Boat rental and yacht charter marketBorrow A Boat, closed its “most successful” crowdfunding round to date, securing £3,017,030 from 670 investors.
The rise on the Seedrs Investment Crowdfunding Platform brings the company’s lifetime crowdfunding total to over £7.8m. The round came within 402% of its original £750,000 target.
Founded in 2017, Borrow A Boat has access to over 45,000 boat rentals and yacht charters in over 65 countries including the UK, Mediterranean, Caribbean, North America and South Asia -East.
The increase follows accelerating growth and revenue in 2022, expansion into several new countries and three acquisitions in the last 12 months of competitors Helm, Barqo and Beds on Board.
Pledging to digitize in a global charter market expected to be worth $30 billion a year by 2027, Borrow A Boat wants to make boating “more accessible, affordable, flexible and inclusive for everyone”, to help stimulate participation and make the chartering process easier and more efficient.
In 2021, after a year in which venture capital investments in the travel industry had fallen by 55%, the company raised £1.5m, enabling its expansion into the United States, Canada , Australia and New Zealand, and facilitated its acquisition of three competitors. on the market.
Borrow A Boat is also currently targeting a “world first” IPO for a boat rental market, which is scheduled for 2023.
Matt Ovenden, Founder and CEO of Borrow A Boat, said: “In 2017, when Borrow A Boat was launched, the yacht charter industry was stagnating. We have always believed that yacht charter should be as easy as booking a hotel, flight or train, so we could see the opportunity that the coming market revolution presented to boat owners. boats and customers.
“Despite launching this round against a backdrop of rising interest rates, inflation and recession risk, we have now successfully completed our largest ever raise, bringing our crowdfunding total to 7.8 million pounds.
“The huge success of this crowdfunding, 402% above target, is a clear recognition of our growth and progress towards our goal of making boating accessible to all. It shows the support of investors to our international market growth plans.
“Going forward, we will continue to innovate and disrupt – true to our mission to make boating more accessible, affordable, flexible and inclusive for everyone, to encourage participation and to simplify renting a boat. , wherever you are in the world,” he said. added.