Since launching in 2017, SEARADAR has on-boarded 30,000+ captains to their platform and continues with ambitious fundraising and expansion plans.
SEARADAR is a SaaS marketplace and full-cycle concierge services platform for yacht captains and skippers. The startup has experienced record growth since their inception in 2017 with the number of bookings facilitated through the platform doubling from 2022 to 2023. In a relatively short time, the young team at SEARADAR has solidified its position as a trailblazer in the industry and has plans to continue building on advanced technology with additional funding.
The young startup has experienced a remarkable 2.8x increase in revenue this season, as well as a 35% boost in profitability and a 30% increase in average customer spending. These impressive results have been driven by strategic initiatives like the introduction of additional products and enticing loyalty programs.
Leveraging AI and machine learning, the SEARADAR platform uses algorithms to ensure that yacht selections are tailored and bespoke to each individual client. The startup also offers 24/7 online communication via instant messaging to ensure that the customer experience is unparalleled. Appreciating the importance of community and retaining customers, the SEARADAR loyalty program also provides redeemable miles for every booked charter, referred friend and yacht reviewed.
Streamlining communication and offering management and insurance services through the platform has eliminated the hassle and time-consuming task faced by yacht skippers when organizing a yacht charter for their guests. The younger generation of yacht skippers expect ease and efficiency when booking a yacht, as well as transparency around pricing and online booking payments.
Several prominent investors back the Lithuanian start-up and the team closed a €400k seed round via convertible note back in 2021. Existing investors include Lithuanian VC - Baltic Sandbox, Estonian business angels Igor Mölder and Dmitry Sumin, and other angels and super-angels from Israel, Malta, Poland, and the UK.
Looking to the future
A key player in digitisation within the maritime industry, SEARADAR has achieved remarkable growth. The continual success of the platform has resulted in strong partnerships and collaborations with charter companies worldwide. Their established network of trusted and reputable fleet operators now spans all major yachting hotspots, including Greece, Croatia, Italy and Turkey.
“The continued success of our platform has resulted in strong partnerships and collaborations with charter companies worldwide. Our established network of trusted and reputable fleet operators now spans all major yachting destinations”, commented Max Terbov, CBDO and founder.
To facilitate their growth, SEARADAR has continued to grow its core team with the total number of employees now at 25. They have strengthened their team recently with a new product manager and have open positions in the marketing and sales departments. The team growth has also spurred additional product features for the platform. SEARADAR is continually enhancing its platform with new features and functionality and will soon launch a smart assistant to further enhance their customer service.
Tests are also currently underway for a new product for a B2B2C segment, which will help SEARADAR skippers responsible for organizing group sailing events. This B2B2C approach will focus on the needs of skippers and professional captains first and will make the platform a one-stop shop for them. This product expansion will require investment in technology, algorithms, marketing, and optimization. The startup is also planning to implement additional AI capabilities across all their processes, which will help reduce operational costs and to help maintain the same level of CAC whilst scaling.
"SEARADAR aims to transform the €15 billion yacht market. We are in the process of developing a smart assistant designed to help skippers and sailors during their charters. This merges top-notch, personalized services with innovative technology for enhanced operational efficiency." - Dmitrii Beznasiuk, CEO and founder said.
While SEARADAR closed two funding rounds using a convertible note in both 2022 and 2021, the startup is now opening its first 2023 equity round where it will begin issuing shares to investors. The goal is to raise approximately €1.8 million to expand operations in the EU and UK markets. The funds raised will be used to expand SEARADAR’s operations in the EU and UK markets and accelerate further growth before opening another round in 2024.
For more information about SEARADAR, please visit their website here or email db@searadar.com