United States: Boat rental and on-water experiences marketplace Boatsetter announced that it has raised $38 million in Series B funding.
The round was co-led by New York-based private equity firm Level Equity, with participation from Suntex Marinas, Certares and other undisclosed investors. JP Morgan Securities LLC’s digital private markets team acted as the sole placement agent for the transaction.
Boatsetter intends to use the funding injection to enhance its product features, boat inventory and experiential offerings and expand into new markets around the world.
Since its commercial launch in 2014, Boatsettter has attracted over 1 million boaters and boat owners to its community and now features over 50,000 boat listings in 700 sites worldwide.
Offering a diverse collection of ‘high quality’ rental boats, Boatsetter also gives renters access to a wide range of water activities, led by owners and captains, such as wakeboarding, sunset cruises , party boats, fishing trips, sand bars. and more.
The startup also claims to have launched the first-ever peer-to-peer boat rental insurance policy, guaranteeing exclusive coverage with GEICO and BoatUS. Private boat owners using the policy can rent their boats through the Boatsetter platform, opening up new opportunities in the $60 billion boating industry and creating a new category within the leisure economy. , outdoor recreation and travel sharing.
Boatsetter Co-Founder and CEO Jaclyn Baumgarten said, “Our mission has always been to celebrate the way water brings people together and to make amazing experiences on the water more affordable and accessible to everyone, everywhere. . By making it simple and easy to book an experience through Boatsetter, we’ve been able to welcome hundreds of thousands of new boaters to the water for the very first time.
“With this funding, we will continue to build on this momentum, bringing more boats, experiences and markets into the Boatsetter community,” she added.
New boaters who are still gaining confidence at the helm have the option of renting a boat with a captain, by accessing the Boatsetter database of certified United States Coast Guard captains. The company says this is another element that sets Boatsetter apart from its competitors.
Gautam Gupta, Partner at Level Equity, said: “We were drawn to the way Boatsetter has taken the often daunting field of boat rental and ownership and made it remarkably intuitive. They have put considerable effort into building the infrastructure necessary to ensure the long-term success of a business like this, and they have opened up a market for nautical experiences that was previously quite small – attracting hundreds of thousands of new boaters and boats. owners of all ages and backgrounds in the process.
In 2021, Boatsetter doubled its bookings year over year as it sees steady growth and adoption of its technology.
Other boat rental companies and marketplaces that have secured funding in the past year include Floatspace [pre-Series A funding]GetMyBoat [$21 million in Series B funding] and borrow a boat [more than £1 million in crowdfunding].