The key strategic objectives for Borrow a Boat in its second year are 'marketing' and 'growing the business'. Having launched at the 2016 London Boat Show, the company, which describes itself as the UK’s first peer-to-peer yacht charter platform, has grown considerably. It is now up to 13,000 boats ranging from RIBs to superyachts located in 60 countries. Borrow a Boat is also described as the AirBnB for boating.
Since its launch, Borrow a Boat has undertaken two crowd funding rounds which has given it the financial resources to implement its marketing and business growth plans. The first round saw 10 shareholders invest at least £2,500 each, while the second round attracted 700 shareholders who invested from under £1,000 or more. The second round, which had aimed to raise £200,000, raised £470,000.
As part of the investment package, shareholders can access free or discounted charters. In 2017 Borrow a Boat achieved 100 days of charters and this year it hopes to have at least 50 bookings (as opposed to days) a month. The average length of charter in 2017 was one to two weeks and the favourite locations were Croatia, Greece, Spain and Italy.
Matt Ovenden, Borrow a Boat founder, told IBI: “As part of our marketing plans we will continue working on the website and also introduce a new App.”