Boatsetter has acquired fellow boat sharing marketplace, Boatbound. The announcement comes as the company extends its Series A round, adding $4.75 million in funding to the $13 million the company raised in December 2016.
Key investors of 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 stated. The move puts Boatsetter on pace to surpass 10,000 boat rentals by year’s end.
“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,” said Jaclyn Baumgarten, Boatsetter co-founder and chief executive officer.
Boatbound’s inventory is a “perfect complement” to Boatsetter’s, Baumgarten said, adding the acquisition will allow Boatsetter to rapidly and efficiently expand its market presence.
“We are excited to be a part of the company’s next chapter as they expand their market presence,” said Greg Ennis, managing partner of Peninsula Ventures and former managing partner of Stanford DAPER fund.