What do people think of Borrow A Boat - currently raising on CC
How big is the market for that? I’ll ask for the pitch deck.
Yeah just saw the new pitch. Have invested in the two previous rounds. Going about their business very nicely indeed with excellent y/o/y growth (300%), VC secured, tech stack rebuilt for scale, excellent and experienced leadership, solid branding, and solution is really on point to bring the sharing/app/experience economy to a boating market ripe for change.
Cannot see it in Crowdcube… Am I blind?
It closed its round it seems https://www.crowdcube.com/companies/borrow-a-boat/pitches/qBPVYZ
campaign in private mode for now, link is here
Somehow I am not impressed with below statement
“Borrow a Boat achieved 300% annual growth in revenue to £146k in 2019 (P&L -£1.3m), with the total value of charters sold grown to £835k in the same period”
For achieving £146K, negative £1.3 M P&L???
As someone whom has done a fair amount of sailing/boating (approx. 10,000 miles of coastal, ocean & inland) and has both rented boats and used annual boat share companies in the past, I was quite interested to see this pitch when it originally raised a year or so ago. However, having given this a bit of thought both from the perspectives of a potential customer and a potential investor, I’ve decided to give this a miss.
I’d prefer not to get drawn into a long conversation regarding my thinking, etc. but just be aware that boats are complicated expensive things that should be thought of as closer to airplanes than cars when it comes to maintenance, certifications, safety equipment, etc. If a rental car screws up then it’s a pain but with any luck the rental company will just swap it for another similar car. However, If you take out a boat for a weekend/week and it has a safety/maintenance issue then it can go from just being an inconvenience to something a lot more serious if the weather picks up or if you are just a reasonable distance offshore.
I loved the concept when I originally read it, but the devil is in the details with boats and I can just see too many ways that this could end up having problems. Having confirmed to myself that I personally wouldn’t rent boats from this company, then it became an easy decision for me to come to the conclusion that I wouldn’t invest in it. I do wish the team the very best of luck, but it’s not for me.