Borrow A Boat to expand into 8 new countries
by Borrow A Boat 14 Apr 2021 23:53 NZST
Borrow A Boat is on a mission to make boating more accessible, dispelling the myths that it's expensive, elitist and booking a sailing trip is complicated © Borrow A Boat
Following a year where venture capital investment in the travel industry dropped by 55%,[1] Britain's leading boat hire and yacht charter platform, Borrow A Boat, bucked industry trends by successfully raising £499,070 in January 2021, paving the way for global expansion into eight new countries.
In the space of just five weeks, the company surpassed its original target of £250,000 by 199% through online crowdfunding site Seedrs - bringing their total funding to date to £3.9 million.
Founded in 2016 and launched in 2017 by entrepreneur Matt Ovenden, Borrow A Boat has access to over 35,000 vessels in 65+ countries, and offers peer-to-peer listings as well as boat rental through traditional charter companies. On a mission to make boating more accessible, affordable, flexible, and inclusive, Borrow A Boat pioneered peer-to-peer boat charters, helping boat owners generate extra income from their vessel and reducing the high costs of boat ownership, including maintenance costs and marina fees.
Borrow A Boat was one of the innovative start-ups to take advantage of the Chancellor's Future Fund - the scheme that issued convertible loans between £125,000 and £5 million, subject to at least equal match funding from private investors.
Funds raised will be used to further invest in global operations over the next 12 months; as well as launching the platform in eight additional countries this year including the US, France, Germany, and Italy.
CEO & founder of Borrow A Boat, Matt Ovenden, said: "By all accounts the pandemic completely derailed the travel industry, leaving operators and their customers in limbo. Yet, despite this, we saw the UK share of our total bookings increase threefold in 2020 with a spike in global bookings at the start of 2021 - a 1000% increase in Q1 2021 vs Q4 2020."
"With many types of holiday simply off the cards for Brits, more and more sought out self-contained holiday experiences offering peace and quiet on the water, fresh air and open spaces, plus the potential for adventure - all within the safety of their bubble.
"It's clear that the appetite for travel is still there, however the type of holidays Brits are taking will need to adapt to the new normal.
"Our successful fundraising should leave the wider boating industry optimistic about their return to operations - with the vaccine here, confidence has and is continuing to grow."
For more information on Borrow A Boat, visit www.borrowaboat.com.
[1] Skift ‘Venture Investment Trends in Travel 2021’