P.Diddy, Will Smith and Kevin Durant have decided to invest in futuristic electrical installations. They did not go dead hand and between them spent $ 30 million in this project.
The trio have teamed up to invest $ 30 million in the company producing the ‘Tesla of the high seas’
The electric speedboat company has already received major investments from certain players since its creation (less than a year). Diddy, Will Smith and Kevin Durant have come together to invest $ 30 million in the company according to a recent report from Yahoo.
In October, Arc Boats revealed that Diddy’s Combs Enterprises, Smith’s Dreamers VC and Durant’s Thirty Five Ventures had joined the firm’s “ All-Star Team of New Strategic Investors ”.
This Arc flagship product is not yet available for purchase. Greg Reichow will help the company produce their electric outboards at a much higher volume. Note that the latter led much of Tesla’s early manufacturing, supply chain and automation efforts.
“ His vast experience in the difficult transition from R&D to large-scale production will help Arc accelerate its production ramp over the coming year ,” Arc said in a press release.
Clearly, as Diddy, Will Smith and Kevin Durant keep impacting their fans, it’s interesting how quickly Arc takes off. Their objective ” to electrify the maritime industry ” is ambitious.
Arc is launching into the very high end with its Arc One boat
Arc aims to sell a limited number of its first boat for $ 300,000 before moving on to making more affordable boats. The founder of the firm is convinced that the latter targets wealthy individuals as investors and primary clients of the company.
It is therefore not surprising that celebrities like Will Smith and his two allies decide to take the plunge. “ This is really an indication of where we want to take this business from a brand and lifestyle perspective ,” said Mitch Lee , Arc founder in an interview.
FYI, the money generated by the sales of Arc One will be reinvested in the research and development of a new, more affordable version.