Software as a Service (SaaS) start-up, SEARADAR is to open its first 2023 equity round and begin issuing shares to investors.
The company, which provides an online platform for charter companies and fleet operators, aims to raise around €1.8 million to expand its operations in the EU and UK markets before opening another equity round in 2024.
“The continued success of our platform has resulted in strong partnerships and collaborations with charter companies worldwide,” said Max Terbov, chief business development officer and founder.
“Our established network of trusted and reputable fleet operators now spans all major yachting destinations.”
Initiatives such as the introduction of additional products and loyalty programmes have seen the company experiencing a 2.8x increase in revenue in 2023, as well as a 35% boost in profitability and a 30% increase in average customer spending.
To help the growth, SEARADAR has continued to grow its core team to 25 staff.
Using AI and machine learning, the SEARADAR platform uses algorithms to ensure that yacht selections are tailored and bespoke to each individual client.
The start-up also offers 24/7 online communication via instant messaging.
Further features planned include a smart assistance to enhance customer service.
Tests are also currently underway for a new product for a B2B2C segment, aimed at helping SEARADAR skippers responsible for organising group sailing events.
The product expansion will require investment in technology, algorithms, marketing, and optimisation.
“SEARADAR aims to transform the €15 billion yacht market. We are in the process of developing a smart assistant designed to help skippers and sailors during their charters. This merges top-notch, personalised services with innovative technology for enhanced operational efficiency,” explained Dmitrii Beznasiuk, CEO and founder.