Travel Startup Boatsetter Raises $38 Million

Boatsetter, which offers more than 50,000 personal watercraft for rental along with activities like wakeboarding, said on Monday it had raised $38 million in Series B funding.

Level Equity participated in the round. The same firm recently helped vacation rental property manager Vacasa go from startup to public company.

The Miami-based Boatsetter believes it can do for boating what Airbnb did for short-term rental apartments.

"By making it simple and worry-free to book an experience through Boatsetter, we’ve been able to welcome hundreds of thousands of new boaters onto the water for the very first time," said Jaclyn Baumgarten, co-founder and CEO of Boatsetter.

The digital private markets team of J.P. Morgan Securities served as the sole placement agent for the deal.