Electric Speed Boat Maker Expands to Defense With New Funding (2)

Los Angeles-based electric powerboat maker Arc Boat Company has raised $50 million to finance its expansion into commercial and defense vessels.

Arc has raised a total of $160 million since it was founded by veterans of Rivian Automotive Holdings Inc., SpaceX and Tesla Inc. in 2021. Investors in the latest round included Eclipse Ventures, a16z, Menlo Ventures, Lowercarbon Capital, Necessary Ventures and Offline Ventures.

“It further reinforces that the electrification of the maritime industry is a real thing and there’s strong demand,” said Greg Reichow, a general partner at Eclipse Ventures. The latest round comes as Swedish electric ferry manufacturer ...