Borrow A Boat confirms purchase of Beds on Board

UK: Boat hire and yacht charter marketplace, Borrow A Boat, has acquired Lymington-based sharing economy platform Beds on Board. 

The acquisition will increase Borrow A Boat’s offering by more than 5000 boats and 30,000+ users, meaning that the marketplace now has access to over 45,000 boats in more than 65 countries, including the United States, Canada, Australia and New Zealand.

Existing boat owners with Beds on Board will also be invited to list on Borrow A Boat, allowing them to offer both static and standard charters.

Borrow a Boat is aiming to make boating more accessible, affordable, flexible and inclusive for all, to help drive participation and make the boat chartering process simpler. The company is part of the vanguard of firms digitising the large and maturing global charter market, which is estimated to be worth $30 billion annually by 2027, including GetMyBoat and Floatspace.

As well as offering peer-to-peer listings and boat rental through traditional charter companies, Borrow A Boat helps boat owners to generate extra income from their vessel and reduce the high costs of boat ownership, including maintenance costs and marina fees. Boats of all sorts and sizes can be rented, ranging from canal and riverboats to sailing boats, motor boats, catamarans, luxury yachts and superyachts.

Matt Ovenden, founder and CEO of Borrow A Boat, said: “The acquisition of Beds on Board is a huge milestone for us. There are a number of synergies between the two businesses – both having been founded with the goal of making boating more accessible, affordable, flexible and inclusive for all.

“Opening up otherwise vacant boats for static charters satisfies the pent-up demand for city-breaks and staycations, while offering customers a more unique and memorable experience than traditional overnight accommodation options.

“This is just the first of many exciting announcements this year, and we’re looking forward to revealing more milestones later in the year,” he added.

Last month, Borrow A Boat maintained its ongoing growth strategy with the purchase of Amsterdam-based peer-to-peer [P2P] boat-sharing platform counterpart Barqo.

Founded in 2016, Borrow A Boat has raised more than £4.8 million in capital to date from a mix of crowdfunding, private and venture capital investors. The company is exploring a potential initial public offering [IPO] on the Aquis Exchange in 2022, which would represent a world-first milestone for a boat charter marketplace.