Miami Tech & Startup News

Boatsetter names new CEO as co-founder Jaclyn Baumgarten steps down from the helm

Boatsetter names new CEO as co-founder Jaclyn Baumgarten steps down from the helm

By Riley Kaminer

There’s a new captain at the helm of Fort Lauderdale-based Boatsetter

Michael Farb, Boatsetter CEO

The startup, which has developed a digital marketplace for boat rentals, has just announced that co-founder and CEO Jaclyn Baumgarten will step down from her role as chief executive. Michael Farb, formerly the CEO of nonprofit fundraising platform Neon One, will become CEO. 

Under Baumgarten’s leadership, Boatsetter maintained 200% growth from 2020 to 2022. The startup raised $38 million in Series B funding last August. So far, more than one million boaters and boat owners have used the startup’s platform, which features more than 20,000 makes and models of boats, kayaks to yachts. The platform now has more than 50,000 boat listings in 700 markets around the globe, making it a leading marketplace for boat rentals and on-the-water experiences in the sharing economy. 

In 2021, Boatsetter launched Boatsetter Lux, growing its yachts business in hundreds of locations around the world, including the Bahamas, the Caribbean, Mexico, Greece, Italy, Turkey, France and Southeast Asia. The startup also acquired Fisher Guiding in 2021, enabling Boatsetter to provide fishing experiences at all budgets.

Boatsetter has pioneered an industry by both giving renters access to a wide range of boating excursions while enabling boat owners to set up a new revenue stream by renting out their assets. The startup secured an exclusive partnership with Geico to provide the insurance necessary to protect all parties involved in Boatsetter experiences: renters, boat owners, boats, and captains.

During Farb’s tenure at Neon One, the company helped nonprofits connect with donors and raise over $16 billion. Farb began his career at Merrill Lynch and Accenture before moving on to found a college recruitment platform and lead a sports-focused SaaS company.

“Michael has an incredible track record of scaling multi-sided marketplaces and building software-based companies,” Baumgarten said in a statement. “He is laser-focused on growth and developing teams and we are fortunate to have him on board.” 

Baumgarten continued: “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.”

Farb said, “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. 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.”

Baumgarten and fellow Endeavor Entrepreneur Andrew Sturner founded Boatsetter almost a decade ago. The majority of its 100+ person team are based in South Florida.


Riley Kaminer