US / Japan: Boat rental and water experience marketplace, GetMyBoat, has announced that it has secured $21 million in growth capital investment from Japanese agricultural machinery company Yanmar as part of its Series B funding round.
While Yanmar has acquired a majority stake in the rental marketplace, GetMyBoat will remain as a stand-alone entity and its current executive team will also continue in their positions.
The funding is set to be used to expand the GetMyBoat team and accelerate its international growth plans as travel markets reopen following the pandemic.
Headquartered in Osaka, Yanmar previously invested in GetMyBoat in early 2018. Since then, the boat rental marketplace has exceeded its net revenue growth by ten times and expanded its offering to 150,000+ boats and water experiences in more than 9,300 destinations.
Shiori Nagata, chief strategy officer of Yanmar, said: “GetMyBoat is the world’s leading marketplace for boat rentals and water experiences, and shares Yanmar’s desire to deliver rich and fulfilling experiences to its customers. Yanmar is continuing its commitment to using advanced technology to transform into a consumer-focused brand via this acquisition.
“Together, we’re not only shaping the next generation of marine recreation but also reaching future generations of consumers globally,” added Nagata.
Sascha Mornell, co-founder and CEO of GetMyBoat, said: “Working closely with Yanmar during the past four years has been an incredible experience. Yanmar recognised very early the vision, and reality, of GetMyBoat. We mutually share a passion to democratise boating globally.
“Having Yanmar’s support, partnership, and growth capital will give us the opportunity to truly realise this dream. The future ahead for GetMyBoat and Yanmar working together is very bright,” he added.
Having launched in 2013, GetMyBoat is now active in 184 countries around the world. It also claims to be on track to send two million people boating before the end of this year.
The investment coincides with a period of sustained growth for the global recreational boating industry. In December, Australian boat rental marketplace Floatspace closed a pre-Series A funding round to fuel international expansion strategy and London-based marketplace Borrow A Boat acquired Dutch counterpart Barqo in February, ahead of a potential milestone initial public offering [IPO] in 2022.