Privateering
The first sort of commerce raiding was for nations to commission privateers. Early instances of this type of warfare were by the British and Dutch against the Spanish treasure fleets of the 16th century, which resulted in financial gain for both captain and crew upon capture of enemy vessels ("prizes").
This quickly became a major commercial enterprise, with privateer vessels, often in groups, being outfitted by venture capital, with investors also sharing in the returns. The practice rapidly spread. A privateer was distinguished from a pirate by the letter of marque, by which the vessel was commissioned as a private man-of-war. Captured vessels and cargo were submitted, in Britain's case, to Admiralty courts, where they might be condemned for sale, or, if the captures were not found to be within the rules of war, they might be released, sometimes with awards for damages.
Read more about this topic: Commerce Raiding