SEATTLE, Sept. 22, 2020 /PRNewswire/ -- Pure Watercraft, provider of next-generation electric marine propulsion solutions, today announced it has raised $23.4 million in Series A funding led by L37, a San Francisco Bay Area venture capital and private equity company. Pure Watercraft will use the new funding to scale operations from beta to broad commercialization, including building out its manufacturing facility, growing its direct-to-customer field installation and support team, and hiring key engineering, sales and marketing, and manufacturing talent.
"Pure Watercraft's mission is to deliver a better boating experience, designed for the way we live and boat today," said Pure Watercraft CEO Andy Rebele. "We look forward to using this investment to bolster our engineering and customer teams, build production capacity and bring boaters across the world a superior experience that's dramatically better for the environment."
Historically dominated by gas-guzzling engines, commercial and recreational powerboating is an industry ripe for disruption. According to a preliminary report by Statistical Surveys Inc., boat registrations have jumped 44.3 percent from 2019 to 2020 in the main boat categories. Approximately 142 million people use boats in the United States, up 35% in the last decade, and there's a powerboat for every 8 US households. The global COVID-19 pandemic has also spurred record demand for boats as people favor close-to-home recreation.
As energy-efficient technology becomes more widely accepted and the public migrates to outdoor activities in observance of social distancing mandates, consumer spending is also poised to shift in favor of battery-powered transportation. City and national governments are encouraging zero-emissions standards, with some cities including Amsterdam, Hamburg and Venice passing regulations encouraging purchasing and use of electric boats.
Pure Watercraft is well-positioned to disrupt and take advantage of this tremendous market opportunity, with all-electric outboards offering high performance with minimal environmental impact. Featuring proprietary high-voltage battery packs with energy density equal to the best-in-class electric cars, Pure Watercraft's outboards enable a boating experience that protects our air and waterways, with virtually no noise.
"Pure Watercraft is disrupting an industry that has not had significant innovation in decades. As avid anglers and boat owners ourselves, L37 is thrilled to invest in Pure Watercraft's future and support their growth," said L37 partner Monica Lee. "With cars and trucks leading the new E.V. era, powerboating is the next multi-billion dollar industry on the verge of going electric. Pure Watercraft's high-performance, affordable, all-electric outboards and integrated boat packages eliminate the hassles and expense associated with outboard maintenance, gas refueling, noisy motors, and pollution. We believe the company will inspire a whole new level of passion for boating — from cruising to catching more fish and other ways of enjoying the quiet serenity and pristine beauty of cleaner waterways — in addition to attracting new legions of boaters."
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. For more information on Pure Watercraft, including its products, partners and open career opportunities visit www.purewatercraft.com or find Pure Watercraft on LinkedIn or Twitter @PureWC.
L37 is a new generation, hybrid venture capital and private equity company. We invest in visionary founders and companies that are solving problems and transforming industries. We work alongside founding teams, leveraging frameworks and our 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