Electric Boat Start-up, Arc Raises $30 Million

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This is a big win for Arc as they raise $30 million five months after coming out of stealth mode. Greg Reichow, a partner at Eclipse Ventures and a former Vice President at Tesla, led the funding round.  

The round also had investors in the likes of Will Smith, Sean ‘Diddy’ Combs, Andreessen Horowitz and Kevin Durant who put their money in the start-up in early October.

The LA-based company is cofounded by Mitch Lee and CTO Ryan Cook, an ex-Space X engineer. The company aims to sell a limited amount of its first electric boat, the 24-foot Arc One, at the price of $300,000 before they head on to make affordable boats.

The soon affordable boats will come with a low cost of ownership compared to gas-powered boats, as well as easier maintenance and upkeep.  

Lee mentioned that ‘electric boats make a ton of sense as they are reliable, cost-effective, easier to maintain, quicker and quieter. Though the hard part of the whole process is producing an electric boat that competes with a gas boat on both performance and price- and most importantly, producing them at scale.’

Plans have begun rolling as the company suggests the first boat will be 200kWh, together with an 800-volt battery pack that’s capable of powering an electric motor with 475 horsepower. It will have a speed of 40 miles per hour and can last four hours before being charged.

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