Boatsetter, an online marketplace for boat rentals, is preparing to increase its boat inventory and enter new markets after raising millions more in investor capital.
The Fort Lauderdale-based startup secured $38 million in a series B funding round led by Level Equity, an investment firm headquartered in New York. The company powers an online network for boat owners, renters and captains, with more than 50,000 boat listings in 700 locations across the U.S., Mexico, Caribbean and Europe.
Co-founder and CEO Jaclyn Baumgarten said the platform makes boating accessible – and affordable – to a broader market.
"By making it simple and worry-free to book an experience through Boatsetter, we’ve been able to welcome hundreds of thousands of new boaters onto the water for the very first time," she said in a statement.
Boat owners, meanwhile, can use the marketplace to rent out their vessels for extra income. The company plans to add more services and tools to help boat owners grow their businesses, a representative for Boatsetter told the Business Journal.
The representative confirmed the company aims to expand to new markets, but declined to specify which locations it is targeting.
Demand for Boatsetter grew during the Covid-19 pandemic, when consumers were searching for safe, outdoor activities, and have remained steady since. The company reported a 200% year-over-year increase in bookings in July, driven by a rise in multi-day bookings. Staycations are also driving rentals: Since May, more than half of its bookings have been made by people who live in the markets they're renting in.
Boatsetter has been in growth mode for the past year. Last May, it acquired Fisher Guiding for an undisclosed amount, enabling it to enter the fishing charter market. Then, last June, it launched Boatsetter Lux Charters to add an inventory of luxury boats and yachts to its marketplace.
Founded in 2012, the startup has 95 employees and is backed by $65 million in venture capital.
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