X Shore, a Swedish connected boating brand, has raised 15 million euros in funding. Team Europe led the round.
STOCKHOLM, SWEDEN – April 8, 2021 – X Shore (www.xshore.com), a Swedish brand driving the future of electric, connected and sustainable boating, has announced a €15 million round of funding backed by a group of investors in the e-mobility, sustainability, and electrification space.
Valued at $90 million pre-round, the funding was led by Team Europe (https://www.teameurope.net) – the technology holding company from the mobility and clean energy-focused European entrepreneur, investor and Delivery Hero founder, Lukasz Gadowski – alongside other individuals with backgrounds in electrification. The funding process took just nine days to close.
X Shore officially launched its Eelex 8000 electric boat in the United States last month, and offers an actionable solution to the pollution of the traditional boating industry through its three pillars: design, technology, and sustainability.
“X Shore is a perfect partner for our multi-modal electro mobility approach”, says Lukasz Gadowski, CEO of Team Europe. “Our common aim is to create a global leader and a large independent company in the boat industry which attracts customers and talents worldwide.”
Following the launch in the United States, X Shore plans to utilise this financing to expand production and industrialise, opening a second factory in the Stockholm region of Sweden. Alongside industrialisation, technology is a top priority for the company. X Shore will continue software development of future features, including auto-docking, an important first step towards autonomous driving. The capital raised will also fund a local U.S. team to help with distribution of the Eelex 8000 across the country, as X Shore has eyes set on forming an assembly line in the United States in 2022.
“This funding affords X Shore the ability to take U.S. boating electric, something that very few in the industry have been able to do on a large scale,” said Jenny Keisu, X Shore CEO. “With interests in sustainability and e-mobility increasing in the United States, and worldwide, these investments will allow us to scale our production to keep up with the demand and drive change in the marine industry.”
Working at the intersection of technology and boats, X Shore built the Eelex 8000 to be entirely connected and sustainable. The Eelex 8000 features a number of innovations, including its proprietary mobile and smartwatch app, which unlocks and turns on the boat when in range, smart overboard detection, geo-fencing software, autopilot, and innovative design. Using cork instead of teak, and recycled plastics, as well as optional Flax fibre instead of fibreglass and carbon fibre, X Shore designed its boats to support a cleaner environment. The Eelex 8000 is built with modularity top of mind, allowing users to tailor the boat to their needs and activities, and has won numerous awards including the German Design Award, and Peoples’ Choice Award in the Swedish Design Festival.
Additional investors joining the round include Navin Thukkaram, U.S.-based investor, entrepreneur and founder and CEO of Innovation Bootcamp, and Marec Gasiun, Head of Automotive Business Development at Google.
About X Shore
X Shore is a Swedish technology company in the leisure boating industry founded in 2016 that is driving the future of electric boating with its 100 percent electric craft that embrace the long tradition of maritime craftsmanship, while discarding the dirty institution of fossil fuels. Righting the ship, X Shore has set a course for long-term sustainability that we can all be proud of through its new technology, innovative research, smart design, and sustainable materials that allow passengers to explore the world’s oceans and lakes without the harmful noise and fumes a fossil-fuel engine emits