In the first two years since we embarked on a journey to electrify the world of boating, we successfully designed, manufactured, tested, and brought to market the most advanced electric watercraft available today — the limited edition Arc One. Delivering the Arc One was no small feat, even for the all-star team of rocket, EV, marine, and software engineers we’ve assembled in Los Angeles. And it was just our starting point.
Our next move is to target the booming water sports market, and we’re now charged to do it. We’re thrilled to announce one of our largest milestones to date: we’ve closed a $70 million Series B to propel us through this next phase of growth.
All of our existing investors, including Eclipse, Andreessen Horowitz, Lowercarbon Capital, and Abstract Ventures, participated in the round. We also welcomed Menlo Ventures to the crew — an investment led by long-time partner and boating enthusiast Shawn Carolan. The strength of this round and continued conviction from these amazing investors is inspiring, especially in light of difficult macroeconomic conditions.
Why electric boats?
Say goodbye to loud motors, smelly fumes, and jaw-dropping gas prices. Electric boats unlock an entirely new way to experience the water. They offer unprecedented performance in a modern package, meaning they are far more reliable and easier to maintain than gas-powered boats. Oh, and they’re better for our planet. Electrifying the marine industry is, stem to stern, a better way to build boats.
The concept of electric boating isn’t new. But Arc is the first to deliver a high-performing, software-enabled electric boat that is capable of going head-to-head with gas boats on price and range. With structurally integrated batteries and over-the-air software updates, we’re building boats with unique features and performance capabilities that blow others out of the water.
Our next wave
As we look to the future, we’re laser-focused on developing the next wave of high-performance electric boats and scaling our operations to meet the demand. In the process, we’ll make boating more enjoyable, cost-effective, and sustainable. To that end, we’re also opening a new 150,000-square-foot factory in Torrance, California later this year and are actively hiring across all departments.
Electrifying the marine industry is no small job, and this milestone is a testament to our execution to date and the exciting trajectory we’re on as a company. And we have no plans of slowing down anytime soon!
