Pure Watercraft Raises $37.5 Million in Series A Round of Financing

By StartUp City | Tuesday, January 05, 2021

Driven by its mission to make boating more accessible, enjoyable, and environmentally-friendly, Pure Watercraft brings a superior product and direct-to-consumer distribution to the rising global market for electric boats.

Fremont, CA: Pure Watercraft, the leader in electric boating technology, has raised a total Series A financing of $37.5M, including a previously-declared $23.4M. The oversubscribed funding round was led by L37, hybrid venture capital, and private equity firm; L37 Managing Partner Randall Ussery is expected to join Pure Watercraft's board of directors.

Driven by its mission to make boating more accessible, enjoyable, and environmentally-friendly, Pure Watercraft brings a superior product and direct-to-consumer distribution to the rising global market for electric boats.

The very first product of Pure Watercraft is an electric outboard motor system with the propulsion equivalent of up to 50 HP gas outboards, as well as performance far ahead of others in its class. Its proprietary lithium-ion battery pack is thermally-managed for long life and high performance and has the most energy for its weight of any battery pack in marine — about the same as that of the Tesla Model 3.

Customers have the option to shop directly at purewatercraft.com for drop-in replacement outboard motor systems or complete boat packages - rigid inflatable boats from Highfield Boats, fishing as well as pontoon boats from Bass Pro Shops, and coaching introduces from Still Water Design. These packages offer a premium experience in the most popular boat categories, with a quietness that makes for better socializing or fishing without polluting the waterways.

"Investors and consumers alike appreciate electric boating innovation like never before," stated Pure Watercraft CEO Andy Rebele. "This investment will help us grow our team, and deliver game-changing products starting next year to meet growing demand."

"We are inspired by Pure Watercraft's vision for the future of electric boating and their progress redefining the entire customer experience, starting with the largest, most popular power class globally," stated L37's Randall Ussery. "Andy has built an impressive organization, with product offerings, a full tech stack approach, and a deep technology portfolio to match. We're thrilled to invest in a company whose significant innovations, capabilities, and efficiency can also be applied in other powersports categories where electrification has lagged."

 

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