Diddy, Will Smith and Kevin Durant will put $ 30 million and their image to good use to allow Arc to grow.
According to Yahoo, Diddy, Will Smith and Kevin Durant have teamed up to invest $ 30 million in futuristic electric stars.
Together for more money
Like a good entrepreneur, celebrities have not directly funded the investment out of their own pockets. Through Diddy’s Combs Enterprises, Will Smith’s Dreamers VC and Kevin Durant’s Thirty Five Ventures respectively, Diddy, Will Smith and Kevin Durant have joined Arc’s All-Star Team of New Strategic Investors. In this team, Will Smith, Diddy and Kevin Durant join Greg Reichow, who was behind much of Tesla’s early manufacturing, supply chain and automation efforts. The latter, in the team, has gained stripes through his investment in the company and is a member of the board of directors.
While waiting to take the Galon, the three newcomers to the club will be greatly useful for the extension of the company. “ In addition to being world-class in their respective fields, these individuals bring extensive experience in building brands, marketing products and building strong communities ,” Arc said in a statement about Diddy, Will Smith and Kevin Durant. “ Together, they will help Arc run faster and amplify our impact . The confident company said.
The boat that writes checks
At a cost of $ 300,000, the Arc One star is described as a “Tesla of the high seas”. This vehicle has impressive features. It’s 24 feet tall and has an electric powertrain and can run 3-5 hours on a single charge. The boat is inspired by an aerospace design. This inspiration comes from Elon Musk’s SpaceX. Indeed, Arc One co-founder Ryan Cook and other employees had previously worked as engineers for the aerospace arm of Elon Musk’s company.
Diddy is making progress
In entrepreneurship, Diddy is not his first experience in terms of investment. He had founded Sean John in 1998, whose shares Global Brands Group bought to become majority shareholder in 2016. Since May, Global Brands Group has been bankrupt and faced with the opportunity to sell, Diddy offered Global Brands Group a check for $ 3.3 million to fully resume its 1998 creation.