Venture Capital: Arc, Which Makes $300K Electric Boats, Snags $30M

November 24, 2021 | News, Venture Capital
https://dailyalts.com/wp-content/uploads/2021/11/img13-2400.jpg

Celebrity backers of Arc include actor Will Smith, NBA star Kevin Durant and hip-hop star Sean “Diddy” Combs.

Arc, a startup led by former SpaceX engineers and developing electric boats, announced its $30 million Series A raise led by Greg Reichow, a former Tesla VP of Production, now at Eclipse Ventures. Existing investors including Andreessen Horowitz, Chris Sacca’s Lowercarbon Capital and Ramtin Naimi’s Abstract Ventures also participated in the funding. Will Smith’s Dreamers VC, Kevin Durant and Rich Kleiman’s Thirty Five Ventures and Sean “Diddy” Combs’ Combs Enterprises, all previous investors, also chipped in. (Forbes)

CEO Mitch Lee and CTO Ryan Cook, a former SpaceX engineer, founded Arc earlier this year.

The round will help Arc get its limited edition, $300,000 boat – the Arc One – on the water by spring of 2022. At 24 feet, the 10-seater boat is driven by 200 kwh lithium-ion battery packs that can keep it going for up to five hours. The battery delivers 475 horsepower and a maximum speed of 40 mph.

According to Lee, compared to gas-powered boats, electric boats are more reliable, quieter, easier to maintain, more environment-friendly and cost effective.

“The hard part is producing an electric boat that can compete with a gas boat on performance and price—and more importantly producing them at scale,” Lee added. “Greg and the team at Eclipse have a wealth of experience making the difficult transition from R&D to high-rate production and can help us do just that.”

Related Story: Candela Presents Electric “Flying Boat” Running On An AI-Powered Hydrofoil System

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2021/11/hand-plus-btc-plus-india-colors.png
Digital Assets: India To Clamp Down On Cryptocurrencies Via Legislation By Year-End
November 24, 2021     Digital Assets, Latest News, News

The legislative agenda for the upcoming winter session of the Lok Sabha, the lower house of India’s parliament, shows that a bill titled “The Cryptocurrency and Regulation of Official Digital…

https://dailyalts.com/wp-content/uploads/2021/11/Klarna-HQ-in-Stockholm-scaled.jpg
FinTech: Klarna Launches “Pay Now” In The US, Klarna Card Soon To Follow
November 24, 2021     FinTech, News

Klarna, the Stockholm-headquartered fintech powerhouse last valued at $45.6 billion, has brought a “Pay Now” offering to consumers at retailers wherever Klarna is accepted. The company also announced a Klarna…

https://dailyalts.com/wp-content/uploads/2021/11/fb-default.b5dd38d9c4194731a32674e7e89fe658.jpg
Venture Capital: Agtech And Farmer-To-Farmer Platform FBN Raises $300M
November 24, 2021     ESG and Sustainability, News, Venture Capital

Farmers Business Network (FBN) is a farmer-to-farmer network launched in 2014 as an information source and for sharing of agronomic precision data. It now has thousands of farmer-members managing millions…

https://dailyalts.com/wp-content/uploads/2021/11/Bluejay-team.jpg
Alternative Investments/ESG: RBC Unit BlueBay Asset Management Launches Multi-Asset ESG Strategy

Specialist fixed income manager BlueBay Asset Management, which is owned by the Royal Bank of Canada, announced the launch of the BlueBay Total Return Diversified Credit ESG Fund. It is…