- Leading online boat rental marketplace Boatsetter announced it raised $10 million in funding led by WestCap Group and Valor Equity.
Boatsetter — a leading online boat rental marketplace — announced it raised $10 million in funding led by WestCap Group and Valor Equity as an extension of its Series A financing round. And the raise further solidifies Boatsetter’s position as a dominant player in the $50 billion peer-to-peer boat rental industry as no other marketplace offering insurance coverage for renters, boat owners, and captains. The peer-to-peer insurance coverage was made possible by Boatsetter and GEICO signing a strategic and exclusive partnership.
“Our goal is to continue to dominate the US boat sharing market as a gateway for more affordable and accessible rentals for consumers nationwide, no matter what type of boating experience they are seeking,” said Boatsetter co-founder and CEO Jaclyn Baumgarten.
Some of the key investors of the most recent round include WestCap and Valor Equity. And a new board seat was taken by Westcap managing partner Laurence A. Tosi — who is an accomplished sailor and the former CFO of Blackstone and Airbnb. Tosi and his team are going to continue to invest considerable time into the business to cement its position as the global leader through product and brand excellence.
Boatsetter’s user base is predominantly under the age of 45 at about 72%. And Boatsetter continues to reach a new and growing market of Gen Z and Millennials by making a previously complicated boat rental experience attainable with just a tap of a smartphone button. Through its platform, users are able to go on boating adventures nearly anywhere in the world ranging from the coastal waters of California to New York harbor and from Mexico to Spain.
Boatsetter’s platform combines the rental mechanics of Airbnb with the on-demand labor dynamics of Uber to deliver a hassle-free boat rental experience. And the marketplace continues to differentiate itself by giving users access to a large network of licensed captains as well as a global roster of high-end boat rentals for yachting, cruising, fishing or sailing — many through marinas it partners with.
“Boatsetter has proven to be the leading player in the boat sharing space during a time when younger demographics are driven by experiences rather than material possessions,” added GEICO CEO Bill Roberts. “We are excited to continue our partnership with Boatsetter as the marketplace continues to expand its presence and product offerings that are making boating more accessible to new demographics including younger consumers.”
