Will Smith, Sean Combs And Kevin Durant Invest In Arc’s Electric Speedboats
The A-listers’ recent investments have helped push the electric boat start-up.
It’s been less than a year since Arc entered the marine industry, but the start-up has already reeled in a few big fish with its futuristic electric speedboat.
The company just announced that it’s captured the attention and capital of several new A-Listers during a funding round led by VC firm Andreessen Horowitz. 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.”
On top of that, Greg Reichow of Eclipse Ventures, who spearheaded much of Tesla’s early manufacturing, supply chain and automation efforts, has also backed Arc and joined the company’s board. Together, the recent investments have pushed Arc’s total funding past $42.5 million.
In addition, Arc has kicked off production on its flagship. Like a Tesla of the high seas, the 24-footer, known simply as the Arc One, features an electric powertrain that’s good for a gutsy 354kW and can reportedly run between 3 to 5 hours on a single charge. The brainchild of Arc’s co-founders Mitch Lee and Ryan Cook, the speedboat takes cues from aerospace design. That’s no accident, of course, as a number of Arc’s employees, including Cook, previously worked as engineers at SpaceX.
Priced at approx. $425,000, the Arc One sits in the luxury segment of the industry. As such, the 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 expand the brand.
“Along with being world-class in their respective fields, these individuals bring a wealth of experience in building brands, marketing products and cultivating strong communities,” the company said in a statement. “Together, they’ll help Arc execute faster and amplify our impact.”
Likewise, a vet like Reichow can help Arc scale and ramp up production over the next few years. According to Lee, who is also Arc’s CEO, manufacturing electric boats can be challenging due to supply chain issues. But the infusion of cash from investors can further streamline the process, which will be necessary for the company’s electric boats to be priced competitively against traditional gas-powered vessels.
While the Arc One will be limited to less than 25 examples, Arc’s fleet will eventually comprise electric watercraft at various price points.
“We wanted the limited-edition Arc One to set the stage for our future, mass-market watersport boats while still playing in a class of its own,” Lee previously told Robb Report. It appears they’ve sold at least a few key investors on that idea.