From Nasdaq:

Los Angeles-based startup Arc has launched a new mass-market electric sport boat, priced at $258,000. Named Arc Sport, it can accommodate 15 persons and is powered by a 570 horsepower motor. The startup also raised $70 million in early-stage funding backed by Kevin Durant and Will Smith.

The 23-foot Arc Sport has a 226 kilowatt-hour battery and is aimed at the wake sport industry. The success of their previous model, Arc One, has led to the development of the new mass-market boat. It can be reserved for $500 and is set to be delivered later this year.

The premium speedboat, Arc One, sold out and was priced at $300,000. The company was founded in 2021 by former Boeing engineers, with one former engineer from Elon Musk’s SpaceX.

Arc’s seed round, led by venture capital firm Andreessen Horowitz, closed in February 2021. The company’s staff and engineers come from SpaceX, Tesla, Rivian Automotive, and marine companies. Will Smith’s Dreamers VC and Durant’s 35V were added as investors later that year, with ample engineering and design expertise within the company.

Arc designs and manufactures batteries, motors, and software in-house. Some of its staff come from top companies like Tesla, SpaceX, and marine companies such as Brunswick and MarineMax. The company plans to deliver the new mass-market boat, Arc Sport, later this year.



Read more: Will Smith-backed Arc launches mass-market electric sport boat for $258,000