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Boat-rental companies Boatsetter and Cruzin merge

Looking to transform the $121 billion marine industry, peer-to-peer boat-sharing companies Boatsetter and Cruzin recently merged.

Looking to transform the $121 billion marine industry, peer-to-peer boat-sharing companies Boatsetter and Cruzin recently merged.

The companies said the combined venture carries the Boatsetter name with a unified brand that incorporates the Cruzin look and feel.

Jaclyn Baumgarten is the new CEO of Boatsetter and Andrew Sturner is executive chairman.

The company has headquarters in South Florida and Silicon Valley in California.

"The merger with Cruzin accelerates our business and boosts our appeal to our boat owners, captains and marina partners, and provides a superior experience for our customers," Sturner said in a statement. "Together, we're positioned to be the market leader, offering the only complete boat-sharing solution."

The new Boatsetter offers increased capacity, capital and presence, and the company says it has the largest network of marina partnerships in the industry.

Boatsetter offers thousands of boats across the United States and abroad. It also offers a Captains Affiliate Network, which is made up of Coast Guard-licensed captains.

The new company combines the rental mechanics of Airbnb with the on-demand labor dynamics of Uber.

"We're elated about the merger with Boatsetter," said Baumgarten, formerly the CEO of Cruzin. "We have remarkably complementary assets and look forward to accelerating the speed of innovation in the multibillion-dollar marine industry. We're jumping on the burgeoning collaborative consumption movement by bringing great on-the-water experiences to the more than 80 million millennials of the share generation who are looking to participate in something new and exciting."

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