Borrow A Boat – The latest trend in holidays? Chartering a yacht or boat is the latest rage in travel, with many inspired by popular TV shows like Below Deck.
The changing landscape of the industry in recent years due to factors like travel becoming more accessible and online services, has meant that the chartering industry has become increasingly competitive. So competitive in fact, that the marketplace is estimated to be worth $25 billion by 2027. It’s no wonder the industry has investors looking their way, who want to get a share in potential revenue that this explosive market will soon offer.
One company that’s definitely leading the way and making a name for themselves as of late is Borrow A Boat. The business founded in 2017 gives boat renters access to charters in places like the Mediterranean, the UK, North America, Southeast Asia as well as the Caribbean.
With 35,000 boat listings in over 65 countries over the globe, Borrow A Boat, which began as the ‘AirBnB’ of boats, is becoming one of the key players in the industry, and has received accolades and top reviews from the world’s leading publications like The Guardian, Boat International, Yachting World and Superyacht News.
The story behind Borrow a Boat
When Borrow A Boat’s journey began back in 2017, it all began with an idea by serial entrepreneur Matt Ovenden. An experienced boater and sailor, Matt is also known as a Fellow of the Institution of Mechanics as well as being a Chartered Mechanical Engineer with an MSc in Innovation and Design for Sustainability.
Matt launched his first company — an energy and sustainability business called Bright Green Shoots back in 2009. Green shoots worked to help other organisations and businesses embrace sustainable innovation and ‘green’ energy. He later launched two other companies through Bright Green Shoots; Free Wind ltd in 2011 and Free Island Energy in 2014.
His idea for BorrowABoat came from what he saw as a gap in the marketplace – and an untapped customer base, which included those who hadn’t been interested in yachting in the past, either due to how challenging it seemed to make a booking or limitations around the seven day charter. When launching Borrow A Boat in 2017 it quickly became known as the ‘Airbnb’ for chartering yachts. Matt’s team soon reached out and moved the business beyond it’s first iteration, including traditional yachting suppliers and accessing the super yacht sector. This grew their customer base even further, appealing to the elite who want to have the most luxurious of experiences when it comes to boating, which includes the world of superyachts.
2022 has been a very profitable year for Borrow A Boat so far and has indeed secured its place as a leader int he marketplace. Expanding into several other countries, they also acquired three of their competitors over the past twelve months, including Barqo, Helm and Beds on Board. As a result of these acquisitions, Borrow A Boat has become an even more dominant player in the industry and have diversified their offering to customers through different options and experiences when it comes to renting a boat or yacht.
But their meteoric rise since 2017 is about to go even further as a result of their most successful crowdfunding round raised ever for the leading boat and rental yacht charter marketplace in the UK. In late June it was announced that Borrow A Boat raised £3017,030 from 650 investors in the company through CrowdFunding.
This is a record amount of funds raised for the company and certainly reveals just how far it has to go, with investors having a lot of interest in getting a piece of the revenue that Borrow A Boat has in store for it as it gets even bigger during 2022 and beyond.
What’s next in the world of chartering?
It looks like chartering of yachts and boats will become more popular than ever with tourists who are looking for a unique experience when it comes to their holidays. Companies like Borrow A Boat (and their success) will give users greater access to these types of amazing holidays and make it easier for individuals, couples, friends and families to book their dream vacation on a boat or yacht online.
If 2022 and the successful crowdfunding round is any indication, Borrow A Boat as a company will continue to grow and thrive over the next few years with new investment fuelling its growth. This is great news for consumers as Borrow A Boat will be able to expand on its services, locations available as well as boating options. No one can predict what’s next for the company entirely, but as it stands it looks like Borrow A Boat will continue to go from strength to strength, and will likely inspire more competitors to enter the marketplace.