Founded four years ago, the online boat rental startup Click&Boat has grown exponentially, becoming a global leader in its market.
A new funding round of €4 million will enable the company to accelerate its international growth even further, notably through acquisitions. Founded by French entrepreneurs Edouard Gorioux and Jeremy Bismuth, the Paris-based company has rapidly become a global leader in an up-and-coming part of the sharing economy such as p2p boating, leaving behind its domestic and international competitors.
With more than 200,000 registered users and over €40 million earned by boat owners through the platform, this new player in yachting has seen three-digit growth that convinced its original investors (OLMA Private Equity Fund and business angels) to engage in a new funding round of €4 million.
Since its launch in 2013, Click&Boat has facilitated 60,000 boat rentals, involving all types of privately and professionally-owned boats (motorboats, sailboats, catamarans, RIBs), and enabling more than 300,000 boating enthusiasts to enjoy their passion. The UK is currently the company's third largest market, with approximately 10% of registered users based in Britain.
As with other sharing economy startups, the idea behind the company was simple: a boat is too expensive to maintain for its owner and also stays docked in the marina for most of the year, while for sailing lovers hiring a boat is too complicated and costly. The company's platform matches boat owners and renters, reducing the cost of a yacht charter by up to 35%. No experience is required, as many boats on the platform are available with a skipper, often the boat owners themselves.
The objective of this funding round is twofold: expand into new markets, such as Russia, the Middle East and South America, and continue to grow in countries where the company already operates by acquiring competitors, particularly in strategic markets such as Britain.
Rarely for a young startup, Click&Boat has managed to combine profitability and growth, being profitable since 2015. "Every year we double our turnover, while having a profitable business model for more than three years," explains Edouard Gorioux, adding: "This proves that our growth is based on a healthy and scalable model that we want to duplicate in new markets. This is the goal of this new financing round and is also what motivated our original investors to participate in it."
Credit: Click&Boat