Boatsetter aims to dominate the $50 billion peer-to-peer boat rental industry. The online boat rental marketplace announced $10 million in new Series A funding this week, led by WestCap Group and Valor Equity.
Boatsetter’s competitive advantage is that its marketplace offers peer-to-peer insurance coverage for renters, boat owners and captains through an exclusive partnership between Boatsetter and GEICO.
"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, in a statement. "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."
"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."
As part of this deal, sailing enthusiast Laurence Tosi, former CFO of Blackstone and Airbnb and founder/managing partner of WestCap, is the latest to join Boatsetter’s board.
"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, in a statement.
With 72 percent of users under the age of 45, Boatsetter is making waves with Gen Z and Millennials through its user-friendly platform described as a mix of Airbnb and Uber in functionality and labor dynamics.