Yanmar invests $21 million in boat rental company
Yanmar Holdings has announced that its subsidiary, Yanmar America, has acquired a majority stake in GetMyBoat, the world’s largest boat rental and water experience marketplace, and injected $21 million in growth capital as part of the Series B round.
The funding will be used to expand the GetMyBoat team and accelerate international growth plans as travel markets reopen. GetMyBoat will continue to be run by the current executive team as a stand-alone entity.
Launched in San Francisco in 2013, GetMyBoat operates 150,000 listings in 184 countries and works similarly to an Airbnb for boat rental and charter.
Yanmar has been working with GetMyBoat since its initial investment in March 2018. According to Yanmar, since 2019 and despite the global pandemic, GetMyBoat has exceeded 10X net revenue growth and expanded its platform to include over 150,000 boats and water experiences across 9,300 destinations. Yanmar says it continues to see GetMyBoat as the key player in the growth of the recreational boating industry, with the company on track to send 2 million people boating before the end of 2022.
“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,” says Shiori Nagata, chief strategy officer for Yanmar. “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.”
Yanmar expects the GetMyBoat acquisition and growth capital to help drive its digital transformation across its diverse business domains while offering the opportunity to identify and monitor developing trends in the recreational marine industry. Yanmar has noted it has no intention to change GetMyBoat but rather will assist in the company’s global ambitions as the established and dominant player in the industry.
“Working closely with Yanmar during the past four years has been an incredible experience. Yanmar recognised very early the vision, and reality, of GetMyBoat,” says Sascha Mornell, CEO and co-founder 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.”
