MonacoTech, the Principality’s start-up incubator, has announced that one of the companies they support, Yachtneeds, has just raised funds to the tune of €1.25 million, allowing for a major expansion of the business starting this summer.
Yachtneeds, a marketplace website aimed at the yachting industry and supported by MonacoTech, has just hit the next level. The company, founded by Tony Stout, was designed to help yachting crew, captains and owners find just about anything imaginable in “just a few clicks”.
The idea is that whatever is needed can be ordered from a list of thousands of yachting-specific local and international vendors and delivered directly to the boat in ports around the globe.
The financial windfall came from a private investor, who is a resident of the Principality, as well as the Monegasque Innovation, Impact and Acceleration Fund (F2IAM), supported by the Monegasque Government.
“To have an idea and to have others see and invest in what we are creating is extremely rewarding. This round of investment will have a significant impact on the future of our company to heavily accelerate our growth and facilitate in building a platform that is used by the global yachting community,” said Stout of the company’s new investors.
The company’s plans are to hit one million referenced products on its site, to expand to 15 franchises and be able to cater to clients in 1,100 ports around the globe. They also hope to double the number of employees from the current 10 to 20 in 2023.
The company’s cash injection will allow them to continue their ambitious international expansion, notably to more counties around the Mediterranean this summer, as well as in the United States, with an estimated launch in September of this year.