Yanmar Holdings has acquired a majority stake in boat rental platform GetMyBoat as part of a $21 million funding round.
The investment, which comes via the company’s U.S. subsidiary Yanmar America, will be used to expand the team and accelerate international expansion.
According to a statement, GetMyBoat will continue to operate as a standalone company with its existing executive team.
The statement adds that GetMyBoat, which launched in 2013, has exceeded net revenue growth tenfold since 2019 and expanded its platform to offer 150,000 boats and water experiences.
Yanmar initially invested in the San Francisco-based company in 2018.
Shiori Nagata, chief strategy officer, Yanmar, says: “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. Yanmar is continuing its commitment to using advanced technology to transform into a consumer-focused brand via this acquisition.”
Yanmar is hoping the GetMyBoat acquisition will help drives its digital transformation across its business units which include agriculture, marine and construction.
Sascha Mornell, CEO and co-founder, GetMyBoat, says: “Yanmar recognised very early the vision, and reality, of GetMyBoat. We mutually share a passion to democratize boating globally. Having Yanmar’s support, partnership and growth capital will give us the opportunity to truly realize this dream.”
Borrow A Boat, a rival in the boat rental space, recently landed funding of just over £1 million in crowdfunding campaign and acquired Dutch competitor Barqo.
Borrow A Boat has also said it is considering an IPO this year.