A ten months old electric boat startup Arc managed to raise $7 million with plans to electrify everything on the water.
The startup recently closed a seed round funding from Will Smith’s Dreamers VC, Kevin Durant and Rich Kleiman’s Thirty Five Ventures and Sean “Diddy” Combs’ Combs Enterprises. The funding was brought and led by Andreessen Horowitz.
This funds comes after the company received significant funding from venture capital firm Andreessen Horowitz in earlier February.
The new start is headed by co-founder and CEO Mitch Lee and former SpaceX engineer Ryan Cook co-founded Arc.
“All of these people, in addition to just being world class at what they do, have a ton of experience building brands and marketing products, and generally cultivating a community,”
Lee told TechCrunch. Lee said, Combs, Durant and Smith have a sphere of influence that taps into the market that Arc is hoping to reach. The upper luxury segment, in which that first $300,000 boat sits, is not Arc’s end game,
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