Will Smith-Backed Arc Launches Mass-Market Electric Sport Boat for $258,000
Arc, a startup based in Los Angeles, unveiled a new electric sport boat named Arc Sport on Tuesday, following a $70 million funding round earlier supported by Kevin Durant and Will Smith. Priced at $258,000, the 23-foot long Arc Sport can carry up to 15 people, features a 226 kilowatt-hour battery, a 570 horsepower motor, and can receive software updates wirelessly. Reservations for the boat, which will be delivered later this year, are open starting at $500.
Lee mentioned that some of the top-selling boat models in the industry typically have an average price of around $250,000, while many others are sold for over $300,000. The company, founded in 2021 by former Boeing engineers Lee and Ryan Cook, reported that their premium speedboat, Arc One, which had a smaller battery, less power, and fewer passenger capacity, was completely sold
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Cook was employed at the aircraft company before joining Elon Musk’s SpaceX as a key engineer. The startup’s first round of funding was led by venture capital company Andreessen Horowitz and ended in February 2021.
It received funding later that year from Durant’s 35V and Will Smith’s Dreamers VC. The company employs engineers and staff from a variety of backgrounds, including SpaceX, Tesla, Rivian Automotive, Brunswick, and MarineMax. It designs and manufactures batteries, motors, and software internally.
Source: money.usnews
Will Smith-Backed Arc Launches Mass-Market Electric Sport Boat for $258,000
