Arc Boat Company Targets Defense with $50 Million Funding
2 sources·2 updates
Electric boat startup Arc Boat Company has secured $50 million in a Series C funding round to expand its offerings into the defense sector. The investment, which includes contributions from Eclipse and Menlo Ventures, will support the development of electric propulsion systems for defense contractors and the production of commercial vessels like tugboats and ferries.
Key Points
Mitch Lee, the founder of Arc, anticipates significant growth in the electric boat industry, similar to that of electric lawn equipment.
The funding will also facilitate an increase in Arc's workforce as the company scales its operations.
Timeline
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