It’s been less than a year since Arc launched into boating, but the start-up has already attracted some big fish with its futuristic electric outboard.
The company comes from announcement that it captured the attention and capital of several new A-Listers during its last funding round. Will Smith’s Dreamers VC, Kevin Durant’s Thirty Five Ventures and Sean “Diddy” Combs’s Combs Enterprises have all joined Arc’s “All-Star Team of New Strategic Investors”.
In addition to this, Greg Reichow of Eclipse Ventures, who led much of Tesla’s early manufacturing, supply chain and automation efforts, also Sustained arc and joined the company’s board of directors. Together, recent investments have pushed Arc’s total funding to over $ 30 million.
In addition, Arc has started production of its flagship product. Like an ocean-going Tesla, the 24-footer, known simply as the Arc One, has an electric powertrain that’s good for a brave 475bhp and could run anywhere from 3 to 5 hours on a single charge. Designed by Arc co-founders Mitch Lee and Ryan Cook, the outboard is inspired by aerospace design. This is no coincidence, of course, as a number of Arc employees, including Cook, previously worked as engineers at SpaceX.
Priced at $ 300,000, the Arc One falls into the luxury segment of the industry. As such, new investors, such as Smith and Combs, represent the wealthy audience Arc is trying to reach. The start-up’s plan is to tap into this network to drive sales and grow the brand.
“In addition to being world-class in their respective fields, these individuals bring extensive experience in building brands, marketing products and building strong communities,” the company said in a statement. “Together, they will help Arc run faster and amplify our impact. “
Likewise, a vet like Reichow can help Arc increase and increase production over the next several years. According to Lee, who is also the CEO of Arc, manufacturing electric boats can be difficult due to supply chain issues. But injecting cash from investors may further streamline the process, which will be necessary for the company’s electric boats to be competitively priced against traditional gasoline-powered vessels.
While the Arc One will be limited to less than 25 units, the Arc fleet will eventually include electric watercraft at different prices.
“We wanted the Limited Edition Arc One to set the stage for our future mainstream watersport boats while playing in a class of its own,” Lee said previously. Robb Report. It looks like they’ve sold at least a few key investors on this idea.