Borrow A Boat has launched a £750,000 crowdfunding round with Crowdcube, before beginning the process to convert to a PLC.
The raise follows accelerating growth and revenues in 2021, due to a rebounding market, expansion into several new countries, including the USA, as well as the acquisition of competitor Helm. One of the pioneers of peer-to-peer charter since 2017, Borrow A Boat is on a mission to make boating more accessible, affordable, flexible, and inclusive for all, to help drive participation, and make chartering a boat simpler.
Its second raise in 2021, Borrow A Boat has navigated a challenging year for the travel industry successfully securing £499,070 of investment in January, surpassing the original target of £250,000 by 199% and bringing the total raised since 2017 to around £3.8 million. The early 2021 raise charted a course for global expansion into eight new countries including the US, Canada and Australia. In addition, the 17,000 existing investors, from previous funding rounds, will be offered an exit.
Borrow A Boat is also in the early stages of exploring a potential initial public offering with Aquis Exchange for 2022 – a world first for a boat charter marketplace.
CEO & founder of Borrow A Boat, Matt Ovenden, said: “Following an extremely testing year for the travel industry, we are thrilled to be in a position to offer investors the opportunity to get on board and invest in the rising popularity of boating across the globe. Our partnership with Crowdcube means that we will have access to a diverse group of investors, who in turn will be able to join us in bringing the joy of boating to the masses.”
For more information on Borrow A Boat, visit www.borrowaboat.com
For more information on Borrow A Boat’s Crowdcube raise, visit www.crowdcube.com/borrowaboat