Arc Raises $30M Series A to Accelerate Production of Its Electric Boats
Los Angeles-based company Arc is on a mission to electrify the watercraft industry. Having already raised a seed round led by Andresseen Horowitz, the startup has continued to make waves since it came out of stealth in July.
Now it’s full speed ahead for Arc, which announced the arrival of a fresh investment on Tuesday to speed things along on its growth voyage. The $30 million Series A, led by former Tesla exec Greg Reichow of Eclipse Ventures, will be used to help the company accelerate production of its electric boat vehicles over the coming year.
Designed by a team of former rocket engineers, the fully electric boat known as the Arc One can reach speeds of up to 40 miles per hour, or about 35 knots. The 24-foot-long boat can fit a crew of 10 and its battery power extends from three to five hours before needing to be recharged.
“Raising a Series A so quickly after founding the company is a testament to the strength of [our] team and the momentum we’ve built,” the company said in a statement. “But anyone can lay out an ambitious roadmap, the hard part is executing on it. In the near term, that means staying focused on delivering [our product].”
The total cost of an Arc vessel amounts to $3,000 total. Prospective sea captains can reserve their spot on the company’s waitlist for a fully refundable $1,000. Arc plans to set its ships out to sea in spring of 2022.
Arc isn’t alone in its financial success, over the last year several electric watercraft manufacturers across the U.S. have managed to grab the attention of investors big and small.
On Monday, auto giant General Motors grabbed a 25 percent stake in Pure Watercraft, a Seattle-based startup that makes electric outboard motors for boats. The deal amounted to $150 million split between cash and payment-in-kind commitments, according to CNBC. Companies on the East Coast are innovating out on the water as well. Boston-based electric seaglider manufacturer Regent grabbed $9 million in seed financing back in April.
Following the latest raise, Arc is on the lookout for more seafaring techies to join its crew. It’s all hands on deck for the company which is now hiring for 11 roles spanning its engineering, manufacturing, marketing and recruiting teams to name a few.