Setting Sail: This Week at 103st
- Ethan Babil
- Nov 4, 2024
- 5 min read
WTRWAY's mission to revolutionize the boating experience, demonstrating the power of vision and technology in creating accessible adventures on the water.
The Front Porch
The Story
Imagine stepping onto a boat, ready for a serene escape or a thrilling adventure, without the complexities of organizing the trip yourself. WTRWAY, an innovative on-demand boating platform based in Miami, FL, offers just that. Founded by LaMarco Merciano, a tech entrepreneur and Army veteran, alongside maritime expert David Pearl, WTRWAY has set sail to revolutionize the boating experience. By seamlessly connecting boat owners, captains, and customers, WTRWAY democratizes access to maritime adventures. From intimate family outings to exhilarating group escapades, WTRWAY ensures every voyage is personalized, safe, and unforgettable.
Setting Sail: This Week at 103st
"We're trying to get some boats on the line," says LaMarco. "We’ve got 10 captains who have cleared the background check and verification process. Now we’re focusing on building partnerships, like with a water taxi company, to expand our reach."
Business Vision
WTRWAY envisions a world where everyone can easily and safely enjoy the beauty of the water, regardless of their boating knowledge. At the heart of this vision lies cutting-edge AI-driven voice booking technology, designed to simplify and enhance the process of hiring professional captains. Beyond just providing captains, WTRWAY's services extend to offering skilled crew members for various needs, making maritime experiences accessible to all. By the end of 2024, WTRWAY aims to onboard 50 to 100 captains, facilitate 500 customer bookings, and expand its partnerships, ensuring more people can embark on memorable water adventures.
"One of our key objectives is ensuring safety and accessibility," LaMarco explains. "We’re addressing issues like the regulatory challenges that can be a barrier for boat owners and captains. Our platforms, WTRWAY, aims to integrate these needs, making the process seamless."
The Spark Behind the Journey
For LaMarco Merciano, the journey to WTRWAY began with a deep love for the sea and a desire to make boating more accessible. As a tech-savvy entrepreneur and Army veteran, LaMarco saw the potential to blend technology with traditional maritime services. Partnering with David Pearl, whose extensive maritime experience spans over three decades, the duo identified a gap in the market. They realized that many potential boaters were deterred by the complexities of hiring captains and organizing trips. This realization sparked the creation of WTRWAY, a platform designed to break down these barriers, bringing the joy of boating to a wider audience.
"What inspired me to start was the challenge of transitioning from the military into the tech field," LaMarco reflects. "Meeting my co-founder, David, was pivotal. His idea of creating a 'room for boats' resonated with me, and together we developed the technology that’s now patent pending. Our goal is to offer a service that combines safety, innovation, and enjoyment for everyone on the water."
Lawn Work
Short-term Goals:
Platform Growth: Onboard 20 boats and 50 captains by Q1 2025, focusing on expanding services in Miami.
Partnerships: Secure a deal with a local water taxi company to tap into commuter and tourist markets.
Customer Acquisition: Achieve 500 bookings by December 2024 through targeted marketing and peak season promotions.
AI Upgrades: Enhance the AI-driven voice booking system for a smoother user experience.
Long-term Vision:
National Expansion: Enter key U.S. coastal markets like Los Angeles and New York by 2026.
Global Reach: Launch internationally in South America and Europe by 2028.
Sustainability: Promote ocean clean-ups and integrate eco-friendly practices into operations.
Tech Leadership: Develop predictive analytics for route planning and fuel efficiency, setting new industry standards.
Ethical Consideration: Collaborate with the U.S. Coast Guard to ensure safety and environmental standards, offer safety workshops and in-app tips to promote responsible boating, and host free educational events to foster a love for boating and the environment.
103st Strategic Metrics
Backroad Breakdown - Risk Analysis
I encourage you to look into how we came to these numbers: Click Here
Top of the Block - Front of Mind Risks
Market Volatility: As a player in the water management sector, WTRWAY is exposed to fluctuations in market demand and pricing, which could impact revenue stability and growth projections.
Regulatory Landscape: Operating in the water industry means navigating a complex web of environmental regulations and compliance standards. Non-compliance could lead to legal repercussions and operational disruptions.
Technology Dependence: WTRWAY's reliance on advanced technology for water management solutions poses risks related to system failures or technological obsolescence, potentially affecting service delivery and customer trust.
Competition from Established Players: The water management industry has several entrenched competitors. WTRWAY needs to continuously innovate and differentiate its offerings to capture market share and maintain relevance.
Environmental Risks: As climate change increasingly affects water availability and quality, WTRWAY faces challenges related to sustainability and adapting its services to meet evolving environmental conditions.
Deal Street Dispatch: IPO & M&A Roundup
IPO: 15%
M&A: 35%
I encourage you to look into how we came to these numbers: Click Here
Market Share Scorecard:
GetMyBoat
Market Share: ~35%
Justification: Known as the largest platform with over 184 countries covered and 130,000 deals, GetMyBoat dominates in both user base and global availability.
Boatsetter
Market Share: ~25%
Justification: As the only legally compliant and insured peer-to-peer platform with extensive USCG-certified captains, Boatsetter commands a significant share, especially in the U.S.
Click&Boat
Market Share: ~10%
Justification: With strong European roots and global expansion, Click&Boat holds a solid share of the international market.
Samboat
Market Share: ~8%
Justification: Offering a large fleet globally, Samboat is another major player, particularly in the peer-to-peer segment.
Zizoo
Market Share: ~7%
Justification: Known for its broad selection and ease of use, Zizoo is frequently compared to travel booking giants in the boating space.
Boataround
Market Share: ~5%
Justification: Focuses on competitive pricing and direct owner connections, appealing to budget-conscious renters.
Nautal
Market Share: ~4%
Justification: Strong presence in Europe, offering a range of rental options across 67 countries.
Antlos
Market Share: ~3%
Justification: Its unique model of direct owner-renter interaction helps carve out a niche in the peer-to-peer market.
Others (including smaller regional players and emerging platforms like WTRWAY)
Market Share: ~3%
Justification: Many smaller or niche-focused platforms make up the remainder of the market, often targeting specific regions or offering specialized services.
Next Door Neighbors
GetMyBoat’s Expansion: In October 2024, raised $50 million to enhance global operations and tech development, aiming for an IPO.
Boatsetter’s Acquisition: In mid-2024, acquired a smaller peer-to-peer platform, strengthening its U.S. presence, with IPO rumors for 2026.
Click&Boat’s Growth: Secured €30 million in funding in September 2024 to expand its fleet and AI capabilities in Europe.
Samboat’s Focus: Formed strategic partnerships in the Mediterranean in early 2024 to dominate luxury yacht rentals.
Zizoo’s Tech Drive: In August 2024, raised €20 million to improve AI-driven customer services.
Garmin’s Acquisition: Acquired Lumishore in October 2024, enhancing marine electronics.
Suntex Marina’s Expansion: Acquired Hidden Cove Marina in September 2024, bolstering its marina network.
The Block
Founded: May 11, 2024
2023 Rev: $NA
YOY: NA
Funding: $130,000
Opportunity
Capital Raise: WTRWAY is seeking to raise $500,000 at a pre-money valuation of $2.2 million.
Funding History: The company has successfully raised $130,000 to date through a combination of venture funding and self-funding.
Use of Funds: The raised capital will be allocated towards marketing initiatives, working capital, and establishing a referral program to drive growth and customer acquisition.
Contact LaMarco: marketing@catchacaptains.com
For the full story alongside due diligence about WTRWAY check out our data rooms.
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