Leading online boat rental marketplace, Boatsetter, today announced a $10 million investment led by WestCap Group and Valor Equity as an extension of its Series A financing round. The raise further solidifies Boatsetter’s position as the dominant player in the $50 billion peer-to-peer boat rental industry, with no other marketplace offering insurance coverage for renters, boat owners, and captains. Boatsetter and GEICO have formalized a strategic and exclusive partnership to offer peer-to-peer insurance coverage in the US.
“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,” said Bill Roberts, CEO of GEICO. “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.”
The announcement comes as the company extends its series A round, adding $10 million in funding to the $21 millionthe company raised during previous years. Key investors of the most recent round include WestCap and Valor Equity with a new board seat being taken by Laurence Tosi, an accomplished sailor, former CFO of Blackstone and Airbnb and founder/managing partner of WestCap. Tosi and his team will continue to invest considerable time into the business, to cement its position as the global leader through product and brand excellence.
“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 Jaclyn Baumgarten, Co-Founder and Chief Executive Officer at Boatsetter.
As a leading peer-to-peer boat rental marketplace with 72 percent of users under the age of 45, 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 simple tap of a smartphone button. Through its easy-to-use platform, users can go on boating adventures nearly anywhere in the world, 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. 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.