X Shore, a Swedish brand driving the future of electric, connected and sustainable boating, has just announced a €15 million (£13 million approx.) round of funding backed by a group of investors in the e-mobility, sustainability, and electrification space.
Valued at $90 million pre-round, the funding was led by Team Europe, the technology holding company from the mobility and clean energy-focused European entrepreneur, investor and Delivery Hero founder, Lukasz Gadowski – alongside other individuals with backgrounds in electrification. The funding process took just nine days to close.
Additional investors joining the round include Navin Thukkaram, U.S.-based investor, entrepreneur and founder and CEO of Innovation Bootcamp, and Marec Gasiun, Head of Automotive Business Development at Google.
Focussing on US launch
Founded in 2016, X Shore officially launched its Eelex 8000 electric boat (inspired by Tesla) in the United States last month, offering a solution to the pollution of the traditional boating industry via design, technology, and sustainability.
“X Shore is a perfect partner for our multi-modal electro mobility approach”, says Lukasz Gadowski, CEO of Team Europe. “Our common aim is to create a global leader and a large independent company in the boat industry which attracts customers and talents worldwide.”
Following the launch in the United States, X Shore plans to utilise this financing to expand production and industrialise, opening a second factory in the Stockholm region of Sweden. Alongside industrialisation, technology is a top priority for the company.
Eelex 8000 also coming to UK soon
Further, UKTN has learnt, while the US is firmly in X Shore’s sights, the company plans to bring Eelex 8000 to the UK for the first time this summer. The launch will depend on the easing of pandemic-related travel restrictions – for test drives and to explore the UK market’s appetite.
X Shore will 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 with distribution of the Eelex 8000 across the country, as X Shore has eyes set on forming an assembly line in the United States in 2022.
“This funding affords X Shore the ability to take US boating electric, something that very few in the industry have been able to do on a large scale,” said 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.”
Working at the intersection of technology and boats, X Shore built the Eelex 8000 to be entirely connected and sustainable. The Eelex 8000 features a number of innovations, including its proprietary mobile and smartwatch app, which unlocks and turns on the boat when in range, smart overboard detection, geo-fencing software, autopilot, and innovative design.
Using cork instead of teak, and recycled plastics, as well as optional Flax fibre instead of fibreglass and carbon fibre, X Shore designed its boats to support a cleaner environment. The Eelex 8000 is built with modularity top of mind, allowing users to tailor the boat to their needs and activities, and has won numerous awards including the German Design Award, and Peoples’ Choice Award in the Swedish Design Festival.
X Shore is a Swedish electric boat manufacturer, that produces fully electric yacht tenders. The company was founded by Swedish entrepreneur Konrad Bergström, and has its roots headquartered in Stockholm, Sweden.