Boatsetter said it has acquired competing peer-to-peer boat-sharing company Boatbound.
The announcement comes as Boatsetter extends its Series A round, adding $4.75 million in funding to the $13 million the company raised last December. Key investors in the most recent round include The Valley Fund and The Venture City.
Acquiring Boatbound is a key step for Boatsetter as the company begins to broaden and accelerate its operations in the United States and prepare for international expansion in 2018, focusing first on the Caribbean and Mediterranean, the company said.
With the addition of Boatbound’s community of boat owners, Boatsetter said it now offers the largest network of captains in the world, with the combined marketplaces on pace to surpass 10,000 boat rentals by the end of the year.
“Our goal is to dominate the U.S. boat rental market to make boating more affordable and accessible for consumers nationwide, no matter what type of boating experience they are seeking,” Boatsetter co-founder and CEO Jaclyn Baumgarten said in a statement.
“Boatbound has a boat inventory in terms of locations, types and sizes that is the perfect complement to ours. This acquisition allows us to rapidly and efficiently expand our market presence and product offering to do just that.”
“Boatsetter has proven to be the most dominant player in the boat-sharing space and this acquisition comes at the perfect time as they prepare for international expansion. We are excited to be a part of the company’s next chapter as they expand their market presence and product offering worldwide,” said Greg Ennis, managing partner of Peninsula Ventures and former managing partner of the Stanford DAPER fund.
