Our 2024 round-up of the largest funding rounds in the leisure marine and yachting industries is here, with the startups in this list collectively securing a combined figure of $60M.
Candela has raised an additional $14 million in its Series C round, bringing its total funding for 2024 to over $40 million. This investment will help the company meet the increasing demand for its zero-emission vessels, including the recently sold Candela P-12, which will operate in the U.S. on Lake Tahoe.
Candela’s innovative electric hydrofoil technology aims to revolutionise the $15 billion electric ferry market by providing faster, more cost-effective, and sustainable transportation solutions. The funding, led by SEB Private Equity, will support the scaling of P-12 production and further expansion into global markets.
Amsterdam’s Roboat has raised €550,000 in funding to enhance its autonomous boat technology. The AI-driven system helps navigate busy waterways and can be integrated into new vessels or retrofitted into commercial ships for passenger transport, goods delivery, and waste collection.
Roboat’s tech offers features like autonomous sailing and automated docking, with applications already in use in Amsterdam. The company aims to provide sustainable solutions for urban transportation challenges.
Swedish electric boat manufacturer X Shore has raised €8.5M in a funding round, following a €26.5M raise last year. The funds will be used for product R&D, sales, marketing, and developing new models.
The company aims to accelerate its growth and sustainability efforts under the leadership of new CEO René Hansen. X Shore is focused on providing eco-friendly, high-performance boats, with a key model, the X Shore 1, launched in 2022.
French electric propulsion company Temo has raised €6M in a Series A financing round, with investment from At One Ventures, the Ecotechnologies 2 fund, and business angels. The funds will support Temo’s expansion into the U.S. market and help accelerate its product development, including the launch of three new power units by 2027.
The company plans to grow its international presence, recruit 100 employees over the next five years, and enhance its distribution network. Temo has also recently expanded into Europe and South America, securing partnerships in Italy, Denmark, and Brazil.
Floatist, a fleet management software company for the charter industry, has secured a six-figure funding round to accelerate its growth and launch a new inventory management system. The investment will enable the company to enhance its platform, which already streamlines charter operations like scheduling, maintenance, and team communications.
The new inventory system will integrate with existing features, addressing a key pain point for charter operators. Floatist, which currently serves around 600 yachts, expects to double its revenue in 2024 and continue significant growth in the coming years.
ACEL Power has raised $10 million in an oversubscribed Series A funding round, led by Tau Capital, to accelerate its growth in the marine electric sector. The funds will support the expansion of ACEL’s production capacity, the development of higher horsepower motors, and R&D efforts.
The company currently produces the IE 50 and IE 75 electric outboards and plans to launch the IE 150 and IE 250 in 2024. ACEL aims to meet growing market demand for sustainable marine solutions, with its products already used in North America and Asia.
RAD Propulsion has raised $5.3 million in an investment round led by One Planet Capital, Ocean Infinity, The FSE Group, and High Growth Robotics, surpassing its initial $3.1 million target. The funds will help scale operations as the company begins mass production of its RAD 40 electric propulsion drive.
Based in Southampton, RAD creates electric drives and control systems to support boatbuilders in creating cleaner and safer boats. The RAD 40, a 60hp equivalent electric drive, has gained international customers, and the company plans to expand globally and launch new products with this investment.
Hefring Marine, an Icelandic deep-tech company specializing in intelligent maritime solutions, has secured $2.73 million in funding. The investment round was led by Faber Ventures, with participation from Innoport VC, Two Ravens, MD-One, Riverstone Ventures, Idlewild Management LLC, and Sukna Holdings.
Hefring Marine’s primary product, IMAS, is an AI-driven system that enhances vessel safety, efficiency, and sustainability by optimising speed, route, and heading while providing real-time decision support. The funding will be used to expand the team, grow sales infrastructure, and continue IMAS development.
Savvy navvy, a marine technology company behind the popular navigation app often called ‘Google Maps for boats,’ has raised $927,000 from over 150 investors through a crowdfunding campaign on Seedrs, surpassing its initial target of $621,000 . With a pre-money valuation of $17.3 million, the company is poised for rapid growth, focusing on expanding its user base and strengthening its marketing strategy.
The app, known for its user-friendly interface and smart routing technology, has been downloaded over 1.6 million times, with users logging more than 250 million miles. The funding will support the company’s expansion as it continues to innovate in the leisure marine navigation space.
Boat Planet, a marketplace connecting boat owners with marine professionals for repairs and maintenance, has raised $1.2 million in seed funding. The round was led by 46 Venture Capital (46VC), with participation from Ascend Venture Capital and Quad 2 Capital.
The platform has quickly grown, now with over 35,000 professionals nationwide, and helps marine professionals market their services to a wider audience. The funding will support the platform’s expansion and feature enhancements, aiming to simplify the boating repair process and improve the overall boating experience.
Genevos, a start-up specialising in hydrogen and fuel cell power systems for the maritime sector, has raised $2.7 million in seed funding. The investment was led by Impact Ocean Capital, managed by GO Capital, and included non-dilutive financing.
This funding will support the commercialisation of Genevos’ innovations in key maritime markets, such as workboats, service vessels, unmanned surface vessels, and ferries. The company has received several industry accolades, including Lloyd’s Register Approval in Principle certification and validation of its hydrogen energy system for the IMOCA ‘OceansLab’.