Arc expands into electric commercial and defense boats with $50M raise
Arc Boat Company raises $50M to expand electric boat offerings.
Arc Boat Company, a Los Angeles startup, has secured $50 million in Series C funding to expand its electric boat offerings into commercial and defense markets. Founder Mitch Lee aims to electrify marine propulsion, leveraging interest from both sectors while maintaining its consumer boat business, which has proven the technology's reliability and potential profitability.
Key Takeaways
- 1.
Arc raised $50 million in a Series C funding round to expand its business.
- 2.
The company plans to sell electric propulsion systems to defense contractors.
- 3.
Arc's workforce is expected to grow as it scales operations in commercial watercraft.
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