While Arc Boats has been existence for less than a year, the electric speedboat company has already received investments from a couple of major players.
According to a recent report by Yahoo, Diddy, Will Smith and Kevin Durant have teamed up to invest a combined $30M into the company. Back in October, Arc revealed that Diddy’s Combs Enterprises, Smith’s Dreamers VC and Durant’s Thirty Five Ventures (co-founded by Rich Kleinman) had joined the company’s “all-star team of new strategic investors.”
Described as “a Tesla of the high seas,” Arc’s flagship Arc One is priced at $300,000 and is not yet available for purchase. However, according to a recent press release from the company, Greg Reichow, who “led much of Tesla’s early manufacturing, supply chain, and automation efforts” before joining Eclipes Venture and the Arc board, will help the company produce their electric speedboats at a much higher volume.
“His wealth of experience making the difficult transition from R&D to full-scale production will help Arc accelerate its production ramp over the coming year,” Arc said in the press release.
While big names like Diddy, Will Smith and Kevin Durant are sure to draw a ton of attention from multiple different sectors of business and fanbases, it will be interesting to see just how quickly Arc takes off. Their goal to “electrify the marine industry” is a lofty one, but in seeing the heights someone like Elon Musk has reached with Tesla, the potential payout for a successful electric speedboat company could be something to behold.
What do you think about Diddy, Will Smith and KD investing $30M in Arc? Let us know down in the comments.