Why We Invested in Boat Planet
If you’ve ever owned a boat or know someone who does, you’re probably familiar with the pains that come with boat repairs and maintenance. It’s a common joke among boaters that a boat is a hole in the water you throw money into. But it’s not just the cost that’s the problem — it’s the hassle of finding reliable marine professionals who can do the job right.
On the flip side, marine professionals face their own set of challenges. Navigating the digital landscape to effectively market their services can be a daunting undertaking. This creates a difficult scenario: boat owners find themselves in a predicament when searching for reliable services, while marine professionals struggle to connect with potential customers.
This is where Boat Planet comes in. Boat Planet is a marketplace where boat owners can find and connect with marine professionals, get price quotes, and make payments securely.
A Huge Market Ready for Disruption
With over 12 million registered boats in the US, 50,000+ marine professionals, and an annual economic impact of $230 billion from recreational boating, there lies a massive opportunity for transformation. Michael Kiel, a boat owner himself, took action after growing frustrations with repeated painful experiences finding boat professionals. Michael started a Facebook group for boat owners to share challenges and recommendations. Fast forward to today and that Facebook group is now 50K+ members strong. This community not only validates the widespread need for a better experience but also serves as a solid foundation for Boat Planet. Michael’s hands-on approach and deep understanding of the boating community’s needs have uniquely positioned Boat Planet to innovate in the marine service industry with the customer top of mind.
Glaring Product Market Fit
As early-stage investors, one of the most telling parts of diligence for us is engaging in customer calls. This is where we dig deep into understanding the customer problem, the solutions that exist today, and the value the company is providing. It’s not often we hop on a customer call and hear things like “Honestly, I should be paying more for this platform” or “Hit me up if there’s anything, I do not want this platform to go away”. One of the marine professions even claimed, “90% of my business comes through Boat Planet — I’m not just a happy customer, but a business transformed”. These enthusiastic responses from the marine professionals using Boat Planet speak volumes about the platform’s product-market fit — which is even more impressive for a company this early.
A Founder We Couldn’t Not Back
From our first meeting with Michael, we were extremely impressed by his grit, focus, and market expertise. With each and every touchpoint, our conviction in his capabilities and vision for Boat Planet only grew.
Michael previously founded a marketing agency, growing it to an impressive $1M in ARR. The agency’s focus on content marketing and lead generation is particularly relevant to building a thriving marketplace — driving traffic, generating leads, and understanding customer needs are in his wheelhouse.
Perhaps the most compelling theme throughout Michael’s journey is his grit. During the early days of Boat Planet, Michael embarked on a five-month solo trip to Florida, the largest year-round boating market in the US. During this time, he traveled across the state in his RV, meeting with hundreds of marine professionals to gain a deeper understanding of their business needs and pain points.
What’s Next
With this funding round, Michael and the Boat Planet team will continue the build-out of the platform and ramp up their sales strategy hyperfocused on onboarding boat pros. To support this work, Boat Planet is hiring. If you’re interested in helping Boat Planet and its customers grow, see open roles here.
And of course, if you’re a boater visit the site to find a trusted pro in your area.
