Boat rental startup Click&Boat has raised €4 million and says it plans to expand globally as well as through acquisition.
The fresh funding comes from original investors OLMA Private Equity Fund and business angels.
In a statement the Paris-based company, founded four years ago, says it now has more than 200,000 registered users and boat owners have earned more than €40 million via its platform.
The company was founded by French entrepreneurs Edouard Gorioux and Jeremy Bismuth. It launched a US website last year and says the market it currently its fifth largest with a growth rate of 443% since the launch of the site.
This latest investment will be used for expand into new markets such as Russia, the Middle East and South America as well as acquire competing companies.
“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.
“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.”