South Florida Boat-Sharing Startup Swallows Up Big U.S. Rival, Plans Global Expansion

By Nancy Dahlberg
The Miami Herald

WWR Article Summary (tl;dr) Boatsetter attempts to make the boat rental experience as seamless as booking a room on Airbnb by connecting people seeking rentals with boat owners looking to monetize the time their boats aren’t used.

The Miami Herald

South Florida is already one of the world’s great boating capitals.

Now the region can also claim to be a boat-sharing industry leader, as more people seek out accessible ways to get out on the water and more boat owners oblige by turning their pleasure crafts into money makers.

Boatsetter, a peer-to-peer marketplace for boat rentals, has acquired its Seattle-based rival Boatbound, powering up the South Florida startup’s presence throughout the United States.

The Aventura-based company also announced that it has raised an additional $4.75 million in funding, on top of the $13 million announced in December, to fund its international expansion.

Like others in the boat-sharing economy, Boatsetter attempts to make the boat rental experience as seamless as booking a room on Airbnb by connecting people seeking rentals with boat owners looking to monetize the time their boats aren’t used.

But Boatsetter differentiates itself by giving its users access to a large network of licensed captains as well as a growing roster of high-end boat rentals for yachting, cruising, fishing or sailing, 24/7 customer support and insurance coverage for renters, boat owners and captains.

“This acquisition now makes us the No. 1 peer-to-peer boat rental community in the United States hands down,” said Jaclyn Baumgarten, CEO and co-founder of Boatsetter, who wouldn’t disclose terms of the deal. “It means about 5,000 quality vessels ready to be rented, it brings us 1,500 U.S. coastguard licensed captains, it will mean about 10,000 transactions between the companies in 2017 and it brings us 300 locations.”

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