The peer-to-peer boating firm, Boatsetter, has completed US$13m of Series A funding that will help expand its sales and marketing efforts. The Miami Herald reported that the Florida-based firm plans to accelerate its boat-sharing business with the funding.
Boatsetter told the paper that the funding comes from Great Oaks Venture Capital, Stanford University DAPER Fund, ZG Ventures and Peninsula Ventures.
“We’ve taken boating from being a rare pastime for a fortunate few boat owners to being a universally accessible lifestyle activity for anyone with a smartphone and a credit card,” CEO Jaclyn Baumgarten told the paper.
Last year, Boatsetter, launched by Andrew Sturner in 2014, merged with Cruzin, which was started by Baumgarten in 2012.
Baumgarten said Boatsetter next year is expected to list 10,000 boats owned by private individuals, activate 200 marinas and connect boating enthusiasts to 2,000 captains.
Andy Boszhardt Jr, a partner at Great Oaks Venture Capital, told the paper that he has watched Boatsetter's expansion across the peer-to-peer economy for some time. “We’re thrilled that its team of marine industry heavyweights and tech startup veterans is making a global push for renters to experience the yacht life, this time from just about anywhere in the world,” he told the paper. “Boatsetter's best-in-class marketplace tool is, without doubt, an outstanding player in the sharing economy.”
The Herald reported that Boatsetter raised a US$5m seed round in early 2016 and about US$2m last year.