Leading British boat charter marketplace Borrow A Boat, and recent Headline Sponsor of the Southampton International Boat Show in 2019, is offering a new investment opportunity to boaters and the wider public via crowdfunding on Seedrs.
The company, which was founded by Matt Ovenden in 2016, has been growing fast in recent years and now provides charter access to over 35,000 boats in 65 countries. It is one of a small handful vying to become the definitive global boat charter platform. Borrow A Boat has raised over £3.3m in capital to date including the backing of a Venture Capital investor and has had a number of successful previous crowdfunding rounds.
The company was the first in the UK to offer peer-to-peer charters and has since become a
conduit for all commercial charter fleets worldwide, as the industry goes through a process
of adapting for the 21st century customer, who expects to be able to browse and compare
options online and book at the click of the button.
As a user you can upload a sailing licence, and search for boats by location, either in the UK or abroad, and book flexible dates at short notice. Matt comments: “It’s what customers expect nowadays. They have the choice to browse different options and prices online for everything nowadays from shopping, to TV, films, flights, and music in other areas of their life, and now expect boat charter to be no different, so we’re making boating available easily and for the masses, but helping the industry and boat owners at the same time.”
In 2019 the platform expanded into superyachts, via a sister brand Borrow A Boat Plus, and now offers over 2000 superyachts and luxury yacht charters worldwide.
As it has for so many, 2020 has provided additional and unexpected challenges, but Borrow A Boat is optimistic about the rebounding of the boating sector in 2021. Matt says: “In 2020 we have seen a real suppression of the international charter market, but a growth in UK charters.
“With light at the end of the tunnel and the vaccine being rolled out, we’re very excited about the 2021 season and all of that pent-up demand coming through, and we can’t wait to help people get out on the water again!”
The company plans to expand to reach customers in eight new countries in 2021 and is offering the chance to invest in the business as it continues to grow. View the pitch on Seedrs to find out how you can get involved.
The investment opportunity is offered on the terms of the government’s new Future Fund
which has been rolled out by Chancellor Rishi Sunak to specifically help support startup businesses who frequently raise capital to grow. Under the terms of the offer, Convertible Loan Notes are issued which convert to equity in the future, and the whole process is managed by Seedrs. For a short time only the company is offering an attractive 50% discount on the share price when the loan notes convert, and 10% interest in the interim.
The pitch will be running for a few more weeks until it closes in the last week of January, or sooner if the business has already reached its 100% target, so if you’re interested, now is the time to consider the investment opportunity, more info can be viewed here.