Electric boating technology company Pure Watercraft closed a total Series A financing of $37.5M, including a previously-announced $23.4M.
The funding round was led by L37, a hybrid venture capital and private equity firm. L37 Managing Partner Randall Ussery will also join Pure Watercraft's board of directors.
Driven by its mission to make boating more enjoyable, accessible, and environmentally-friendly, Pure Watercraft brings 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. 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 choose 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.
“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.”