Michael Farb joins as CEO to support growth in $60B recreational boating and outdoor leisure industry
MIAMI–(BUSINESS WIRE)–#boaters–Boatsetter, the leading marketplace for on-water experiences and boat rentals, today announced it has expanded its leadership team with the addition of Michael Farb as CEO. Farb succeeds Jaclyn Baumgarten, who co-founded Boatsetter and has served as CEO since the company’s inception in 2014. She will assume a Founder role moving forward. It was Baumgarten’s vision that led to the creation of an entirely new category within the sharing economy as well as a path to entrepreneurship for thousands of boat owners in the process. In addition, under her leadership, Boatsetter has grown to now offer more than 50,000 boat listings available in over 700 locations worldwide.
Despite global economic uncertainty, Boatsetter sustained over 200% growth in booking value since the pandemic (2020) through 2022. Having recently raised $38M in Series B funding, Boatsetter is poised for significant growth in 2023 and beyond. Farb has the experience and track record to lead that expansion. Most recently, he led Neon One to become the leading global marketplace platform for nonprofits organizations to connect with donors and raise over $16B to increase their impact in the world.
“Michael has an incredible track record of scaling multi-sided marketplaces and building software-based companies. He is laser-focused on growth and developing teams and we are fortunate to have him on board,” said Baumgarten. “I am confident that with the current Boatsetter team and Michael’s leadership, we are set to take this company to the heights we have all always imagined for Boatsetter.”
“As a lifelong boat lover and entrepreneur, I am excited to bring all of my skills, experiences and passions to help lead Boatsetter’s next chapter,” said Farb. “The company is well situated with strong management at every level of the business and is ideally positioned for sustained growth in 2023 and beyond.”
While Boatsetter has filled a much-needed void for consumers who may not have had access to the water before, it has also created paths to entrepreneurship for many boat owners who see the best in class return on investment they can achieve from renting their vessels via Boatsetter, as well as the peace of mind provided by Boatsetter’s turnkey service, which manages every aspect from matching them with qualified renters to putting the insurance in place to collecting payment. Renters can download the Boatsetter app or visit the website to book a boat in less than five minutes and be out on the water the next day.
With more than 50,000 boat listings available in over 700 locations worldwide, Boatsetter is the leading marketplace for on-the-water experiences and boat rentals. Boatsetter makes it easy to discover and enjoy a wide array of on-water experiences by connecting qualified renters directly to boat owners and licensed captains. Featuring the largest database of USCG-certified captains, Boatsetter makes it possible for even those with no prior boating experience to tap into an incredible array of water activities. Credited with pioneering the first ever peer-to-peer boat rental insurance policy, Boatsetter has empowered boat owners with the tools and support to become entrepreneurs on the water. Launched commercially in 2014, over one million boaters and boat owners alike have turned to Boatsetter to discover the endless possibilities the water provides.
Mollie Leal, Double Forte, [email protected]