Arc Secures $70 Million Funding for Electric Boat Expansion
Arc is a leading company in the electric boating field. It has introduced an innovative electric watercraft named Arc One. This is a significant advancement in technology, performance, and sustainability within the electric boating industry. Now, setting its sights on the growing watersports market, Arc has raised an impressive $70 million in Series B funding to drive its vision and extend its reach.
Some of the main features of Arc One are as follows:
- Power: 500hp
- Speed: 40mph
- Emissions: Zero
The funding round saw strong participation from existing investors, including Eclipse, Andreessen Horowitz, Lowercarbon Capital, and Abstract Ventures. New investor Menlo Ventures, led by dedicated boating enthusiast Shawn Carolan, also joined this investment. This successful fundraising proves to be the significant investor backing for Arc’s ambitious goals.
Arc’s main aim is to transform the conventional boating experience. The company plans to build eco-friendly boats, as conventional electric boats have loud engines, harmful emissions, and high fuel expenses. Their electric boats have improved performance, reliability, and low maintenance compared to traditional gas-powered boats. This is a new move towards electric boating, but Arc stands out as a trailblazer in the industry.
They’ve manufactured a high-performance electric boat, matching gas boats in price and range. Arc’s boats come with integrated batteries and cutting-edge software updates. These features make them stand apart, promoting a sustainable marine industry.
Arc’s Future Plans: A Promising Trajectory
Arc is planning to manufacture the next wave of high-performance electric boats. They aim to expand their operations to meet the increasing demand, improving the boating experience in enjoyment, affordability, and sustainability. To complete their aim, they are set to open a large factory in Torrance, California, spanning 150,000 square feet, and are actively recruiting across all departments.
Source: Arc
