Electric Boat Manufacturer Arc Receives $70 Million Investment

Electric boat manufacturer Arc received $70 million in a series B investment round. Participants in the $ 70 million B series investment round include Menlo Ventures. Eclipse, Andreessen Horowitz, Lowercarbon Capital and Abstract Ventures are also among the company's existing investors. It should be noted that no information about Arc's valuation has been shared.

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Total Investment Reached 137 Million Dollars

The new investment of 70 million dollars, Arc's total investment to date has reached 137 million dollars. According to the information provided by Arc, we should specify for the new investment received. It will be used for the company to develop new electric boats. Arc Boats was founded in Los Angeles in 2021 by Mitch Lee and Ryan Cook. It focuses on developing electric boats. What is the main purpose of Arc? To electrify all vehicles used on water.