In recent years, the boat rental industry has experienced many positive changes. Technological advancements have allowed companies such as www.borrowaboat.com take huge initiatives to expand within the industry.
BAB's activities in the last few years have allowed them to expand massively and venture their service into tonnes of different countries. Their online platform makes it easy to understand and access and has put them on the map as the 'airbnb' of boat rentals.
It is comparable to Airbnb in both its ease of use and its vast market place. You can get on their website and plan yourself an excursion if you are going abroad or even just a chartered experience on a catamaran nearby.
Tech is making the boating experience more luxurious than ever. Things like air-conditioned charters has made boating an even cooler experience, both figuratively and literally.
Recent developments in gyro stabilization are also making boating a less rocky experience which is great news for those who get seasick. Systems developed by Seakeeper have decreased the motion of boats on the water for a more comfortable experience.
It is also safer than ever now with yacht and boat safety standards higher than ever and new tech allowing for less collisions at sea. Radio technology like AIS mean it is now easier than ever to recognize the approach of other liners.
Borrow a Boat are coming off of their 'busiest ever season' and recently announced plans to launch in France. In the last 12 months, Borrow A Boat has reported accelerating growth and revenues, and has expanded into several new countries including the US, Canada, Australia and New Zealand, and has acquired three competitors, Helm, Barqo and Beds on Board.
Founder and CEO of Borrow A Boat, Matt Ovenden, says: "Along with our planned IPO, we felt a launch into France - one of the most popular boating destinations in the world - was the natural next step.
"We are looking forward to opening up our world-leading marketplace, with the widest choice of yachts worldwide, to a French audience, and what better way to announce this launch than in Cannes, at one of the world's most prestigious yachting festivals."
A little closer to home, BAB will also be playing a part in the Southampton International Boat Show (16-25 September) by taking over the Quarterdeck Bar.
They made a 300% growth in revenue in 2019 and the company is poised for future growth.
One thing that majorly helped their efforts recently was their huge crowdfunding efforts. They launched a £750k crowdfunding round with London-based investment crowdfunding platform Seedrs.
This aided their expansion into multiple countries, especially the US, following this accelerated growth. They wanted to make boating more accessible and by increasing their foothold in the global market they are certainly on the right track.
Although in 2021 venture capital investment in the travel industry dropped by 55%, BAB successfully managed to raise £1.5m to acquire the previously mentioned competitors. They are now planning to IPO next year which would be a world first for the boat charter marketplace.
Speaking of the fundraising, Ovenden said: "This Seedrs fundraise will help fuel our continued growth, with expansion into new countries - Italy, France, Germany and Spain - which we hope to complete by the end of the year.
"We will also be investing in tech enhancements - substantial UI, UX and automation operator plans in order to keep up with our fast-growing business revenues".
But how is their performance in the US market and do they have the strength to dominate the market. Well the trends indicate that their performance is great and will continue to go from strength to strength.
The boat rental market in the US is projected to surpass a valuation of U$19.7bn by 2031 as the interest in boating, especially leisurely, has increased since the world opened back up. This US launch means that both nationals and holiday-goers can look to BAB for their unique experience.
With access to over 45,000 boats in over 65 countries, they have all of the tools needed to dominate. Their access is growing even more too meaning that they can continue to offer experiences to more and more people.
Just like Airbnb has cornered its market, it seems that BAB can do the exact same, and is likely that they nearly already have.
The global charter market is projected to be worth $30bn annually by 2027 and BAB will play a huge part in this.
By digitizing the industry they have opened up to a whole new market of people who perhaps before would not have even thought a charter experience to be possible. They have made booking a boat as easy as booking a hotel or a flight and it is now more affordable too.
BAB have already begun to revolutionize the industry in such a short amount of time and reached an untapped market. Previously thought to just be for the rich and famous, it is now easier than ever to enjoy a luxurious experience on the sea.
Their growth into other countries and their ever-expanding library of boats means they are in a strong position to dominate the market all over the world. Things are looking up for the industry as a whole and they may just have BAB to thank for it.
