EarlyShares launched its first equity crowdfunding campaign with Miami-based BoatSetter, a pier-to-pier boat rental and boat services venture. To date, seventeen investors have provided anchor funds totaling just over $1 million of BoatSetters’ $2,225,000 equity and rewards-based campaign goal.
Similar to Boatbound which connects renters to boat owners and captains, BoatSetter also links customers to captained experiences. A sampling of such activities may include cruising, dining, fishing, sailing, sightseeing, snorkeling and waterskiing, depending on destination. On water support is also available through partnerships with BoatTow and TowBoat US. Further details available on the campaign video.
As stated on their web campaign, “In addition to providing all the foundational elements required to sustain a collaborative boating model, BoatSetter provides:
- Per-use hull and liability insurance from Great Lakes Insurance, an A.M. Best Rated A+ XV carrier
- Systems to pre-qualify renters’ boating experience, identities, and boater education levels
- Mandatory post-rental rating by renters, owners, and captains
BoatSetter seeks to address the persistent Marine Industry problems: idle capacity and steep expenses. According to the 2011 USCG Survey, boats sit idle 95% of the time.
BoatSetter offers both dilemma and solution details: “Whether it’s a relaxing harbor cruise, a trip to that secret fishing spot, or an adrenaline-fueled ride across open seas, not much can compare to a day on the water. But it often comes at a steep price. The costs of purchasing, insuring, storing, and maintaining boats can be prohibitive for both existing and aspiring owners, and boats depreciate rapidly in value. As boat sales in the U.S. continue to decline, the boating industry must adapt to a changing marketplace. Additionally, larger market trends indicate that consumers, especially young consumers, are placing far less value on ownership, preferring flexibility. In spite of this, the current boat market lacks any viable lease or timeshare alternatives to the traditional ownership model.”
On the EarlyShares’ campaign, BoatSetter delineates its advantages:
- Owner and renter profiles allow members to establish their reputations and research potential boats or renters.
- Owners retain ultimate control. They set the price, availability, and frequency of the rental of their boats and choose who gets to use them (and how).
- Owners can also use BoatSetter as renters, making it easy for them to try different boats at home or in other locales.
- Renters find exactly what they’re looking for. After completing a “boating resume,” renters can easily secure the best boat in the perfect location for the right price.
Helmed by Chairman and CEO Andrew Sturner, a founder of Aqua Marine Partners, LLC, and President and COO Fred Barboni, an experienced marine and automobile utilization management executive and CTO Flavio Guinsburg, an experienced senior technologist for large enterprises and startups, BoatSetter is also advised by marine industry maverick Stan Johnson, a Managing Partner of Marinas International and Gregg Kenney is Co-General Partner of Flagship Marinas.
Funder rewards elevate with investment, with each level including a BoatSetter’s iconic Boat and Tote Swag Bag of goodies and graduated number of “commission free rentals,” with the $110K+ Admiral receiving unlimited “commission free rentals.”
Under current SEC regulations, only accredited investors who are registered investors of EarlyShares.com are able to view BoatSetter’s offering details. Information available for registered investors includes details on traction, investment documents, due diligence, Q&A and company updates. A general description of the company, details on the team and a company video are currently featured for public view.
(Editors Note: in a previous version this article stated that BoatBound did not provide captaining services. This was incorrect and the article has been updated to correct this omission)
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