Naturally, not absolutely everyone owns their boat, and boat ownership is far far more exceptional than car or truck ownership – which tends to make it possibly an excellent category for peer-to-peer marketplace rentals. P2P boat rental startup Boatsetter recognized this chance, and is now announcing a $10 million Series A “extension” funding round to assistance it develop its organization, with investment led by WestCap Group and Valor Equity.
Boatsetter counts itself the leading peer-to-peer boat rental marketplace in the U.S., and provides insurance coverage to boat renters, owners and captains alike by way of a just-announced strategic partnership with Geico. The Miami-primarily based startup estimates he size of the peer-to-peer boat rental market place at as a great deal as $50 billion annually, and plans to use its investment to expand its providing, each from a item viewpoint and expanding its presence in important markets globally.
To date, Boatsetter has raised $31 million, like earlier portions of this Series A raised more than the previous two years. The firm focuses on rentals for anyplace from two to far more than a dozen passengers, and a variety of boat alternatives that can also involve certified captains for bigger vessels. It’s a bit like an Airbnb crossed with an Uber, and there are rentals readily available in trip hotspots about the planet. AS component of this new funding, Boatsetter is also adding a new board member – Laurence Tosi, the former CFO of Blackstone and Airbnb, who is also a founder and companion at new investor WestCap.
The funding will assistance the startup invest in bringing in new talent focused on design and style, engineering and brand developing, in addition to item function and market place expansion.