Port Covington–based Snag-A-Slip closed on $4.8 million in Series A funding, CEO Dan Cowens said Wednesday.
The round for the boat slip reservation startup was led by Nashville-based Claritas Capital, with participation from TCP Venture Capital through the Propel Baltimore Fund, Abell Foundation and Towne Park founder Jerry South.
Snag-A-Slip’s platform allows users to find and book a place to dock their boat. After launching in Annapolis and focusing initially on the Chesapeake Bay, the two-year-old company now has partnerships with 500 marinas in regions like Canada, California and the Caribbean. It dropped anchor at City Garage earlier this year. The Series A comes a few weeks after the company launched mobile apps and a new version of its website. It also introduced a rewards program.
“It’s clear the company has deep expertise in the maritime, hospitality and technology industries, and that they have developed a product that boaters enjoy,” Theresa Sexton, a partner at Claritas Capital, said in a statement. “We feel the model is strong and the industry is ready to embrace new technology.”
With the new funding, hiring is expected. Cowens said the company is looking to hire a CTO, and will then add to its tech team from there. The company will also be looking to add to its team in sales and marketing. On the sales side, the company will be looking for reps in the communities where marinas on its platform are located.
“When we do a deal or make a commitment to a marina, we like to look them in the eye and shake their hand. I think that’s really important that if somebody puts their trust in us to be a good steward of their marina,” that they meet face-to-face, Cowens said.
While it will still look to grow in this region, Cowen’s said the company is also intent on increasing its national presence.