Snag-A-Slip, an online boat slip reservation company, announces that it has closed a $4.8 Million Series A financing round led by Claritas Capital. Also participating in the round were TCP Venture Capital, through the Propel Baltimore Fund; Jerry South, Founder and Chairman of Towne Park and the Abell Foundation.
Since launching in 2015, Snag-A-Slip has grown its network to include more than 500 marinas from Canada to the Caribbean, and recently launched a new website, mobile apps and a rewards program for boaters. Snag-A-Slip’s sister company, Oasis Marinas, offers services from consulting to full marina management, leveraging a well-trained local workforce with a commitment to exceptional customer service. Oasis currently operates six marinas in the Mid-Atlantic area. The Series A funding will allow the company to significantly expand sales and marketing efforts, develop new product features and broaden operations.
“We are excited to support the Snag-A-Slip team in their expansion goals,” said Theresa Sexton, Partner, Claritas Capital. “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. We feel the model is strong and the industry is ready to embrace new technology.”
Initially, Snag-A-Slip exploded in the Chesapeake Bay with a mission to encourage boaters to explore the waterways and visit new marinas. Since then, it has steadily grown its network and now serves boaters across the U.S. and internationally. Taking cues from the hospitality industry, Snag-A-Slip aims to showcase its marina partners and connect transient boaters with available slips more easily. Website and mobile app users can explore marinas by region, city or marina name and then search for slip availability based on travel dates, length, beam, draw, and power requirements. There are no booking fees associated with the service, and the company recently rolled out its Dozen Dock Challenge, where boaters can earn one free night for every 12 stays.
“Snag-A-Slip is experiencing amazing momentum,” said Dan Cowens, Founder, Snag-A-Slip. “We are humbled by the vote of confidence we’ve received from our highly supportive investors, and we look forward to a bright future as we expand our reach, support our partners and inspire our boaters.”
