Maritime marketplace Boatsetter acquires its rival Boatbound; became largest player in the space
Boatsetter, the maritime marketplace platform, has acquired Boatbound in a deal making the former biggest peer-to-peer boat rental service in the United States and the world. The startup is expected to leverage Boatbound’s select talent plus logistics tech and its inventory of vessels. It has raised $17.75 million capital till now with ~$5 million funding in December’16. Jackie Baumgarten, CEO of Boatsetter, said that “The primary uses of the funds are M&A, growth and international expansion. I think we’re best poised for a roll-up strategy. There’s an opportunity to acquire and roll up several of the players. It’s ripe for consolidation”.
It is a three-party marketplace where private boat owners and professional charter companies, captains and renters meet. Users can pick from nearby boats, rent one with a captain attached or pick a separate captain, and quickly get out on the water at an affordable price. Boatsetter is a cheaper way to rent any boat since the private owners are just trying to make back some of the non-stop expenses of keeping a boat afloat. It also provides $1 million in liability coverage, $2 million in boat damage coverage, plus additional umbrella coverage to make renters feel safe.