AVENTURA, FLA. - Leading online boat rental community, Boatsetter, announced the acquisition of fellow boat sharing marketplace, Boatbound. The move further solidifies Boatsetter's position as the dominant player in the $50 billion peer-to-peer boat rental space, with no other marketplace worldwide including as many active boat owners, captains and renters.
The announcement comes as the company extends its Series A round, adding $4.75 million in funding to the $13 million the company raised in December 2016. Key investors of the most recent round include Nordic Eye Venture Capital and The Venture City.
Acquiring Boatbound is a key step for Boatsetter as the company begins to broaden and accelerate its operations in the United States and prepare for international expansion in 2018, focusing first on the Caribbean and Mediterranean. With the addition of Boatbound's community of boat owners, Boatsetter now offers the largest network of captains in the world, with the combined marketplaces on pace to surpass 10,000 boat rentals by the end of the year in +300 destinations.
"Our goal is to dominate the US boat rental market to make boating more affordable and accessible for consumers nationwide, no matter what type of boating experience they are seeking," said Jaclyn Baumgarten, Co-Founder and Chief Executive Officer at Boatsetter. "Boatbound has a boat inventory in terms of locations, types, and sizes, that is the perfect complement to ours. This acquisition allows us to rapidly and efficiently expand our market presence and product offering to do just that."
"Boatsetter has proven to be the dominant player in the boat sharing space and this acquisition comes at the right time as the company prepares for international expansion. We are excited to be a part of Boatsetter's next chapter as it expands market presence and product offering," said David Siminoff, prominent Silicon Valley investor and entrepreneur.
Boatsetter's easy-to-use platform offers a worldwide fleet of boats for boaters of every level of expertise and area of interest. Founded by industry veterans, the company also provides real time customer service support with a +92% customer satisfaction and offers best-in-class insurance coverage, both in the U.S. and internationally, for renters, boat owners, and captains.
