Stanford Daper Fund-backed Boatsetter has increased its series A to at least $27.8m with $10m from investors including WestCap Group and Valor Equity Partners.

Boatsetter, the US-based boat rental portal backed by Stanford University’s Daper Fund, raised $10m in additional series A funding yesterday to bring the round’s overall total to at least $27.8m.

Investment fund Weston Capital Management (WestCap) and growth investment firm Valor Equity Partners co-led the series A extension. Other participants were not disclosed.

Daper Fund backed Boatsetter’s initial $13m series A close in 2016, investing alongside ZG Ventures, Great Oaks Venture Capital, Peninsula Ventures and assorted angel investors. Boatsetter then added $4.8m from Nordic Eye Venture Capital and TheVentureCity in August 2017.

Founded in 2013, Boatsetter runs an online peer-to-peer marketplace that connects customers with boat owners in more than 600 locations, allowing them to lease a vessel for activities including fishing, yachting and cruising.

Customers can use the marketplace’s filter tools to match up available boats to the number of people they hope to bring along, and can also decide whether to book one of Boatsetter’s pool of licensed captains.

Boatsetter claims the peer-to-peer boat rental market could be worth up to $50bn annually. It will use the series A cash to work on its product offering while expanding the business in key geographical regions.

The proceeds will also help Boatsetter recruit team members trained in design, engineering and brand enhancement. Boatsetter has joined forces with insurance firm Geico to offer its US rental and boat owner customers peer-to-peer insurance.

Laurence Tosi, founder and managing partner of WestCap, will join the board of directors, with Boatsetter having now raised a total of $31m in funding, though it has not announced details aside from the series A round.