Stockholm-headquartered startup X Shore has secured approximately €26.5 million in a funding round. The round was led by SEB Investment Management AB and joined by new shareholders along with the existing ones. X Shore transforms the boating industry with its innovative approach to electric-powered boats. By utilizing cutting-edge technology and Scandinavian design principles that emphasize harmony with nature, X Shore has created a line of high-performance boats that are both sustainable and stylish.With a newfound infusion of funds, the company is set to take its production game to new heights and achieve ever-elusive profitability.
X Shore has its eyes firmly fixed on the prize which is the North American market. After all, it was the veritable cash cow for the company in the year 2022, and they’re ready to double down on that success with a lightning-fast acceleration of their operations in the region.
X Shore is revolutionizing the boating industry with sustainable materials and smart design, while embracing the long tradition of maritime craftsmanship. By reducing reliance on fossil fuels, X Shore is setting a course for long-term sustainability that is making a positive impact on the industry.
This funding has provided X Shore with an excellent opportunity to capitalize on the growing demand for sustainable transportation options while contributing to a more sustainable future. X Shore’s strong position in the electric boating industry and innovative product offerings will help ensure its continued success and growth.
X Shore’s CEO, Jenny Keisu, says, “The X Shore mission is a crucial one – to lead the transition to electric vessels, in the process of decarbonising an industry that must transition to net zero in our lifetime. We are at a critical time for the planet and companies like X Shore are all-important in helping heavy-polluting industries achieve net zero.”