Update: Borrow A Boat Surpasses £1 Million in Funding in Crowdcube Round

With less than two weeks until its equity crowdfunding campaign on Crowdcube comes to an end, Boat marketplace platform, Borrow A Boat, has successfully secured more than £1 million through the funding round from over 400 investors.

As previously reported, the Borrow A Boat platform was launched in 2016 by boat enthusiasts and is described 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, at the time of the campaign’s launch, 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 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, He then added:

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.

The funding round will close at the beginning of January.

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