Snag-A-Slip Secures $4.8 Million in Series A Funding Led by Claritas Capital

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Snag-A-Slip, an online boat slip reservation company, today announced 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 ChallengeTM, 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.”

About Snag-A-Slip

Snag-A-Slip is a Baltimore-based company that connects boaters with available slips, while also showcasing marinas via digital channels in the same way that hotels are promoted digitally. The mobile-responsive website and mobile apps allow boaters to explore marinas by region, city or marina name and then search for slip availability based on travel dates, length, beam, draw and power requirements. Boaters can pick their preferred marina based on amenities, location and availability and book immediately with any credit card. There are no booking fees associated with the service, which is now available from Canada through the Caribbean. Snag-A-Slip mobile apps are now available for free download on the App Store and Google Play.

About Oasis Marinas

Oasis Marinas is a privately held marina management company based out of Baltimore, MD. The company provides marina management services to marina owners that support all aspects of the marina, including boat slips, provisions, fuel docks and the associated contracts with the vendors running the maintenance services, restaurants, and other business services.

About Claritas Capital

Claritas Capital, a Nashville-based private equity firm, is an active investor in technology, health care, business services, and real estate. The investment partners support high quality management teams by providing minority capital for growth and expansion. The firm has made equity investments in over 50 companies that have collectively raised an excess of $6 billion of financing.

More news and information about Snag-A-Slip

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Business Wire: 18:39 GMT Wednesday 13th September 2017

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