Boatbound has found a new captain. The Seattle startup that operates an Airbnb-like marketplace for boat owners has been acquired by Boatsetter, a bigger boat-sharing marketplace.
Boatbound launched in San Francisco in 2012 and relocated to Seattle in 2016, drawn by the city’s large boating community and lower cost of living. The startup allows boat owners to rent out their idle boats to people of all skill levels. Those who don’t know how to operate a boat have the option of renting a captain along with the vessel. Boats can cost anywhere from a $50/day canoe to a $1200/day Bayliner and Boatbound covers the insurance costs.
Boatsetter is headquartered in Miami, Fla. and operates under a similar model. As part of the acquisition, Boatsetter announced it will extend its Series A fundraising round, adding $4.75 million to the $13 million it raised in December. Specific terms of the Boatbound acquisition deal were not disclosed.
The acquisition will allow Boatsetter to double its inventory of boats, according to CEO Jaclyn Baumgarten.
“Boatbound’s team brings fresh talent in areas of fleet development and tech,” she said in an email to GeekWire.
As of last year, South Florida and Seattle are Boatbound’s most popular markets, making the Boatsetter acquisition deal seem like perfect match.
Boundbound’s Seattle team will relocate to Florida as part of the aquisition.
“Boatsetter is not only backed by a great board and great investors, but they have also secured many key partnerships as they have grown,” Boatbound CEO Aaron Hall said in an email. “Now, with the addition of Boatbound, the biggest boat rental marketplace in the U.S., they we are well positioned to keep growing and dominate the space.”
Boatbound had raised $4.5 million and processed $25 million in booking requests in more than 2,500 U.S. cities at the time of its Seattle relocation. Boatsetter says its combined marketplace in the wake of the acquisition is on pace to surpass 10,000 boat rentals by the end of the year.