Overfunding: Borrow A Boat’s Crowdcube Campaign Secures £200,000 Funding Target

Boat marketplace platform, Borrow A Boat, successfully secured its equity crowdfunding campaign’s initial £200,000 funding target from more than 300 investors on Crowdcube. The company launched the initiatve less than two weeks ago.

As previously reported, the Borrow A Boat platform was set up in 2016 by boat enthusiasts and describes itself as a marketplace for boat charter worldwide that features peer-to-peer listings. The platform is currently listing more than 13,000 boats in around 32 countries and has seen between £300-400 gross profit on bookings. While revealing Borrow a Boat’s main goals, the platform’s CEO and Founder, Matt Ovenden, stated:

Our mission is to open up boating and make it more accessible and easier to access for the masses, by bringing more choice of boat and variety of locations to the charter market, as well as better value charters and ease of booking and going boating. We simultaneously want to help boat owners reduce the cost of boat ownership, by giving them the platform to list and charter their boats.”

Ovenden then noted:

We are building up our database of boats fast, and are seeking to have all kinds of boats, in as many locations as possible. Everything from a RIB or small day boat, to a holiday yacht, motor cruiser or luxury superyacht. We are bringing a mixture of privately owned and managed boats, and charter boats, for maximum choice for the consumer who wins.

Ovenden also reported that he and his team are seeking funds to build on their momentum to date through increased marketing and further development of their web platform. Speaking of the campaign’s success so far, Ovenden added:

We’ve done it! We’ve reached over 100%! Thank you to all 311 of you and a huge welcome onboard.”

The equity crowdfunding campaign is set to close at the end of November.

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