MIAMI, August 14, 2019 / PRNewswire / – Leading online boat rental market, Boat fitter, today announced a $ 10 million investment led by WestCap Group and Valor Equity as part of its Series A funding round. The increase further strengthens Boatsetter’s position as a dominant player in the $ 50 billion the peer-to-peer boat rental industry, with no other market offering insurance coverage for renters, boat owners and captains. Boatsetter and GEICO have formalized a strategic and exclusive partnership to provide peer-to-peer insurance coverage in the United States.
“Boatsetter has proven to be the main player in the boat sharing space at a time when young people are motivated by experiences rather than material possessions,” said Bill roberts, CEO of GEICO. “We are excited to continue our partnership with Boatsetter as the market continues to expand its presence and product offerings that make boating more accessible to new demographics, including younger consumers..”
The announcement comes as the company extends its Series A, adding $ 10 million in the financing of $ 21 million the company has risen in previous years. The main investors in the most recent cycle are WestCap and Valor Equity, with a new board seat being held by Laurence Tosi, an accomplished sailor, former CFO of Blackstone and Airbnb and founder / managing partner of WestCap. Tosi and his team will continue to invest considerable time in the company, to consolidate its position as a global leader through product and brand excellence.
“Our goal is to continue to dominate the US boat sharing market as a gateway to more affordable and accessible rentals for consumers nationwide, regardless of the type of boating experience they seek.” , said Jaclyn Baumgarten, co-founder and CEO of Boatsetter.
As the leading peer-to-peer boat rental market with 72% of users under 45, Boatsetter continues to reach a new and growing Generation Z and Generation Y market by creating a boat rental experience. previously complicated, achievable with a simple push of a smartphone button. With its easy-to-use platform, users can go on boat adventures almost anywhere in the world, from coastal waters to California To new York port, and Mexico To Spain.
Boatsetter’s platform combines the rental mechanics of Airbnb with the on-demand work dynamics of Uber to deliver a hassle-free boat rental experience. The market continues to differentiate itself by giving users access to an extensive network of licensed captains as well as a global list of premium boat rentals for boating, cruising, fishing or sailing, many through marinas with which it is a partner.
For more information on Boatsetter, visit www.boatsetter.com.
About Boatsetter: Boat fitter, the leading boat-sharing community, makes boating more affordable and accessible by connecting licensed boat owners and captains with qualified and shortlisted renters. Their easy-to-use platform offers a global fleet of boats for boaters of all levels of expertise and area of interest. Founded by industry veterans, the company also provides real-time customer service and industry-leading insurance coverage, in the United States and abroad, for renters, boat owners and owners. captains.
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