SEATTLE, Dec. 18, 2020 /PRNewswire/ -- Pure Watercraft, the leader in electric boating technology, has closed a total Series A financing of $37.5M, including a previously-announced $23.4M. The oversubscribed funding round was led by L37, a hybrid venture capital and private equity firm; L37 Managing Partner Randall Ussery will join Pure Watercraft's board of directors.
Driven by its mission to make boating more enjoyable, accessible, and environmentally-friendly, Pure Watercraft brings a superior product and direct-to-consumer distribution to the burgeoning global market for electric boats.
Pure Watercraft's first product is an electric outboard motor system with the propulsion equivalent of up to 50 HP gas outboards, and performance far ahead of others in its class. Its proprietary lithium-ion battery pack is thermally-managed for high performance and long life, 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 can shop directly at purewatercraft.com for drop-in replacement outboard motor systems or complete boat packages - rigid inflatable boats from Highfield Boats, fishing and pontoon boats from Bass Pro Shops, and coaching launches from Still Water Design. These packages deliver a premium experience in the most popular boat categories, with quietness that makes for better fishing or socializing, without polluting the waterways. And owning a boat is a breeze with no scheduled maintenance and lower cost of ownership than traditional boats.
"Investors and consumers alike appreciate electric boating innovation like never before," said 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," said 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."
About Pure Watercraft
Pure Watercraft is leading a fundamental transformation of boating for the next generations to hit the water. Founded in April 2011 in Seattle, WA, the company delivers innovative marine propulsion solutions that are more enjoyable and accessible for everyone, and more sustainable for the planet. To pre-order the Pure Outboard or an integrated boat package, or for more information on products, partners, and open career opportunities, please visit www.purewatercraft.com.
L37 is a new generation, hybrid venture capital and private equity company. We invest in visionary founders and companies that are transforming industries and solving ubiquitous problems. We work alongside founding teams, leveraging frameworks for scale and a network of trusted relationships with customers, capital, and talent to design new categories and engineer market-first, globally minded companies. For more information, please visit www.L37.vc.
SOURCE Pure Watercraft