X Shore said it raised a $17 million investment round from a group of investors led by technology holding firm Team Europe to increase production and expand further in the United States.
“X Shore is a perfect partner for our multi-modal electromobility approach. Our common aim is to create a global leader and a large independent company in the boat industry which attracts customers and talents worldwide.”Lukasz Gadowski, CEO of Team Europe
The 2016-founded X Shore was valued at $90 million before the round which closed in 9 days. Investors included Navin Thurkkaram, U.S.-based investor, entrepreneur and founder and CEO of Innovation Bootcamp, and Marec Gasiun, Head of Automotive Business Development at Google.
The firm said it would continue software development of future features, including auto-docking, an important first step towards autonomous driving.
The capital raised will also fund a local U.S. team to help further distribution of its newly launched model the Eelex 8000, and the firm looks into forming an assembly line in the United States in 2022.
“This funding affords X Shore the ability to take U.S. boating electric, something that very few in the industry have been able to do on a large scale.”Jenny Keisu, X Shore CEO
“With interests in sustainability and e-mobility increasing in the United States, and worldwide, these investments will allow us to scale our production to keep up with the demand and drive change in the marine industry,” Keisu said.