A Foster City company that lets people rent out their idle sail boats, kayaks and yachts has raised $21 million from Yanmar America, a subsidiary of the Japanese heavy machinery manufacturer, in a Series B round that reads more like an acquisition.
Per the deal, Yanmar took a majority stake in the company, according to a press release. The exact terms of the acquisition were not disclosed, but GetMyBoat was most recently valued at $47 million in February 2020 after a $3.5 million financing round from Yanmar.
Yanmar has now invested at least $28 million into GetMyBoat since 2018, according to PitchBook. The Japanese corporation also led a $9.8 million Series A in 2018, at which point Shiori Nagata, Yanmar's chief strategy officer, became a board member.
The companies said that GetMyBoat will remain a "stand alone entity" and its current executive team will remain onboard as the company paddles forward.
GetMyBoat launched in 2013 and didn't take any commission fees at the time, instead relying on ad revenue.
“We really wanted to grow the business as fast as possible, and one of the barriers to lifting that we’ve seen is that commission structure," co-founder and CEO Sascha Mornell told the Business Times during its first year of operating.
In 2016 the company started charging fees on payments that are processed through its platform, GetMyBoat's marketing manager Val Streif told me via email.
It charges boat owners an 8.5% "service fee" to cover "management of the platform, 24/7 customer service, identity checks, fraud protection and marketing services," according to the website. And it asks owners to confirm that they are properly insured and compliant with local regulations.
The platform has gone from hosting 10,000 boats on its platform in 2013 to 150,000 today, but that growth wasn't without bumps.
Its bookings plummeted during the early days of covid-related shutdowns but then surged 3,900% by mid-2020 as customers flocked to safer, outdoor activities. By August of that year, the company said it was on track to reach at least an $80 million run rate. Nine months later, it said it had reached a $158 million run rate.
GetMyBoat has increased its revenue by more than 10-fold since 2019 as well, the statement said, and the fresh capital will allow the company to grow its headcount and accelerate international expansion. Streif said the company currently has 60 employees.
