Los Angeles-based startup Arc made waves on Tuesday with the launch of its latest offering, the Arc Sport, a mass-market electric sport boat. The unveiling comes on the heels of the company’s successful $70 million early-stage funding round, which counts basketball player Kevin Durant and Hollywood star Will Smith among its backers.
Priced at $258,000, the Arc Sport represents a more accessible option compared to the company’s previous $300,000 premium speedboat, Arc One, which was launched two years ago. The new boat is 23-feet long and can accommodate up to 15 people.
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It features a 226 kilowatt-hour battery and is powered by a 570 horsepower motor, with software that can be updated over the air. Reservations for the Arc Sport opened on Tuesday for a $500 deposit, with deliveries expected later this year.
“Our first mass-market boat builds on the success of the Arc One, and is targeted at the wake sport industry due to strong demand at premium price points,” said CEO Mitch Lee.
Lee highlighted the strong demand in the wake sport industry, noting that two of the best-selling models in the industry have an average sales price of about $250,000, with many others selling for more than $300,000.
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The premium speedboat Arc One, which had a smaller battery, lesser power, and passenger capacity, was sold out, according to the company, founded in 2021 by former Boeing engineers Lee and Ryan Cook. Cook, a former SpaceX lead engineer, brings valuable aerospace experience to the team.
Arc’s seed round, led by venture capital firm Andreessen Horowitz and closed in February 2021, was followed by investments from Dreamers VC, led by Will Smith, and Durant’s 35V later that year. The startup, known for designing and manufacturing batteries, motors, and software in-house, boasts a team with backgrounds from SpaceX, Tesla, Rivian Automotive, and leading marine companies including Brunswick and MarineMax.
