A US startup providing a platform for boats and yachts to reserve marina berths online has raised $2 million from private investors in a second round of funding.
This brings total funding for Dockwa, a mobile- and web-based platform, to $3.5 million, said founder and chief executive, Mike Melillo. The latest investment came from private individuals, with approximately 30% from new investors.
The service simplifies the usual slow process of reserving slips and moorings via phone and e-mail, and has been popular with private yacht clubs, corporate marinas and municipalities, including Edgartown on Martha’s Vineyard.
Dockwa first raised $1.1 million last year, partly from venture capital firm Matrix Partners, with the opportunity to raise upwards of $5 million from several venture capital firms in the current round. However, Melillo said he opted for private investor funding this time as it will make the team more efficient.
According to Melillo the company expects to break even on cash flow by 2017.