Arc hooks another $30M in investment as EV interest spills over into electric boats

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The Ark isn’t even a year old and the electric boat startup has attracted investment from top VC firm Andreessen Horowitz, entertainment industry bigwig, and has now raised $30 million led by an early Tesla executive, who took on the automaker’s initials. Led construction efforts.

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The $30 million Series A was led by Greg Reichow, a former Tesla executive who is now a partner at Eclipse Ventures. Existing investors – Andreessen Horowitz, Chris Sacca’s LowerCarbon Capital and Ramtin Naimi’s Abstract Ventures – also joined. Reecho will also join Ark’s board, the startup said in Tuesday’s announcement. To date, Ark has raised $37 million, including earlier investments from Will Smith’s Dreamers VC, Kevin Durant and Rich Kleiman’s Thirty Five Ventures, and Sean “Diddy” Combs’s Combs Enterprises fund.

The capital influx and heavy hitting backers for the young company reflect widespread interest in electrification beyond the two- or four-wheeled vehicle – a sector that has been flooded with multimillion-dollar private funding as well as eye-popping public exchanges. is filled. (Earlier this week, GM announced that it had picked up a 25% stake in electric boat company Pure Watercraft.)

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It’s, of course, a validation of Ark’s special business, which is to electrify everything on the water, starting with a limited-edition $300,000 boat.

Mitch Lee, who is CEO, and Ryan Cooke, a former SpaceX engineer, co-founded Ark with plans to develop and sell electric watercraft at various price points and use cases. They began by focusing on the design and development of a purpose-built hull and purpose-built battery pack. Its first boat is the Ark One, a 24-foot aluminum boat that produces 475 horsepower and can last between 3 and 5 hours on a single charge. Ark will produce no less than 25 Ark One boats.

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Ark has plans that go beyond building and selling two dozen high-priced boats. But at least in the near term, Arc is focused on delivering the Arc One, the company said.

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