Today Swedish electric boat company X Shore has raised €8.5 million (100 million SEK), bringing the company’s funding to over €100 million.
X Shore was founded in 2016 in Stockholm and has become a world leader in electric boats. Its boats use no fossil fuels and have minimal impact on marine wildlife. The company launched its 3rd boat, X Shore PRO in September 2023.
Several existing major shareholders participated in this round, including company founder Konrad Bergström.
It's been a troubled time of late for the electric boat company. The news alludes to the X-Shore’s recent challenges. In early 2023, X Shore laid off 10 per cent of its staff. The company's last two funding rounds were both at a lower valuation than its previous round of €50 million in 2022. It also faced parts shortages which drastically reduced its production capacity.
The company shared that it is committed to achieving profitability, albeit at a revised time frame, in light of market conditions.
According to Bergström:
“Goodwill from the sector has remained consistent in spite of recent challenges experienced by the company which have risked X Shore losing focus of its founding vision.
Having not been operationally involved with X Shore for several years, I am proud to be back and playing a part in ensuring that Nordic innovation is charging the shoreline shift to electric.”
X Shore CEO René Hansen: shared:
"Our journey is charged by a fusion of cutting-edge technology, functional design, and a steadfast commitment to sustainable performance.
The essence of our mission is to make boating one with nature with unrivalled technology, functional design, and an unwavering dedication to sustainable excellence."
The funds raised are earmarked for product R&D, improving sales and marketing strategies, and designing and scoping future new X Shore models.
Lead image: X Shore. Photo: uncredited.
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