Boatsetter, the leading community of shared boats, continues to grow. The startup has announced another round of funding of $10 million with an investment led by WestCap Group and Valor Equity.
The Miami-based boat charter company makes navigation more affordable and accessible by connecting boat owners and captains. The platform offers a global fleet of boats for sailors of all levels of experience.
Boatsetter provides real-time customer service and offers the best insurance coverage, especially after its alliance with Geico, both in the U.S. and internationally, for tenants, boat owners and captains.
“Boatsetter has proven to be the marketplace leader for sharing boats during a time when younger demographics are more attracted to experience than material possessions,” according to Bill Roberts, CEO of GEICO.
“We are excited to continue our partnership with Boatsetter as the market continues to expand and their presence and product offerings make navigation more accessible to new demographic groups, including younger consumers.
Over the past two years, Boatsetter has raised $31 million. The company focuses on two-person boat rentals or more than a dozen passengers, and a wide range of options that can include even captains for larger boats. It’s an Airbnb mixed with Uber, and they have rental locations in the world’s most sought-after vacation destinations.
“Our goal is to continue to dominate the shared boat market in the U.S. as a gateway to more affordable and accessible rentals for consumers nationwide, regardless of the type of boating experience they are looking for,” according to Jaclyn Baumgarten, co-founder and CEO of Boatsetter.
The funding will help the startup invest in attracting new talent in the areas of design, engineering and branding, as well as working with products and expanding into new markets.