Posted on February 13, 2023
Marinalife, Inc., a Baltimore-based technology company delivering solutions to allow boaters and marinas to easily connect and transact, announced today that it has secured additional investment through a Series A round to execute on its vision to be the most innovative provider of marina technology solutions. The funding round is led by Claritas Capital, with participation from the Propel Baltimore Fund, Abell Foundation, TEDCO, and the University System of Maryland Momentum Fund (MMF).
“We are excited to be onboard with an incredible group of investors who are enthusiastic about the same goal,” said Jen Leroux, CEO of Marinalife. “Marinalife strives to grow the technology side of the marine industry, giving marinas and boaters the capability to do what they love with ease. Together, we look forward to scaling Marinalife and enhancing boaters and marinas’ life on the water.”
Claritas Capital, a Nashville-based private equity firm is leading the investment in Marinalife.
“We are excited to support CEO Jen Leroux and the exceptional Marinalife team in their effort to become the leading tech-enabled platform for marina owners and boaters around the world,” said Theresa Sexton, Partner at Claritas Capital.
The boating industry contributes over $2 billion annually to the state economy in Maryland, making it a national leader in boating and water sports. Marinalife’s software as a service (SaaS) platform connects boaters and marinas and offers marina operators tools such as dock space booking and reservation management. The funding round will allow the team to scale operations in Maryland and expand its offerings to the boating community.
“Marinalife is an exciting investment opportunity for MMF and the Maryland venture ecosystem. The team has built a very effective solution to solve a persistent problem for both boaters and marinas,” said Mike Ravenscroft, Managing Director of MMF. “We hope companies like Marinalife will encourage Maryland-based entrepreneurs to leverage the region’s economic strengths and grow their businesses within the state.”
Snag-A-Slip, a Marinalife company, was founded in 2015 by Dan Cowens, a 1995 undergraduate alumnus of Salisbury University and an alumnus from the University of Maryland, College Park Robert H. Smith School of Business. As a lifelong boater, Cowens undertook revolutionizing the marina industry as part of his capstone project in the Smith School’s executive MBA program and subsequently acquired Marinalife in 2018.
“Maryland has been and continues to be the perfect home for a company like Marinalife,” said founder Dan Cowens. “Maryland has a deep boating history and we’re proud to be leading the nation in modernizing marina operations and improving the boating experience.”
CEO Jennifer Leroux joined the team out of a shared love of boating, as well as the founder’s vision of the business opportunity.
“Prior to Marinalife, the only technology solution for marinas was on-premise software that was prohibitively expensive for the average marina owner,” said Leroux. “This caused owners to resort to paper, spreadsheets, and whiteboards to manage their marinas and led to frustration for the boater. Through our core product offerings, Snag-A-Slip and Marinalife Manager, we provide the tools and resources to allow the boating community to easily connect and transact while providing an unparalleled customer experience with a core value of delighting the customer every day.”
“Marinalife is vertically integrating the marina industry with modern software technology that streamlines the boating experience for boaters and marinas. The Propel Baltimore Fund is thrilled to partner with Marinalife to build an industry leading technology company in Baltimore,” said Christopher College, the Managing Partner of the Propel Baltimore Fund.
For more information on Marinalife or to join their community of boating enthusiasts, please visit marinalife.com.
Founded by lifelong boaters, Marinalife delivers tools and resources to allow the boating community to fully embrace life on the water. Marinalife joined with Snag-A-Slip in 2017 and together, we create tech-enabled solutions, allowing boaters and marinas to easily connect and transact. Headquartered in Baltimore, MD, our crew is passionate about two things: boating and delivering exceptional service to our customers.
About the University System of Maryland Momentum Fund
The Maryland Momentum Fund is an initiative of the University System of Maryland (USM) to provide late seed investment funding for promising technology ventures that come out of any of the 12 constituent USM institutions, its research parks, and its students, faculty, or graduates. With a $16M commitment from the USM, the Fund co-invests alongside venture capitalists, foundations, and angel investors.
The Maryland Momentum Fund was established by the USM Board of Regents to support promising commercial opportunities arising from advances in research and intellectual property at USM campuses. The Fund is designed to create returns and support USM’s most innovative ideas as they enter the marketplace. Learn more about the Fund and view the portfolio companies at https://momentum.usmd.edu/.