Our roundup of the largest funding rounds for startups within the leisure marine and yachting spaces in November 2024 is here. Collectively, they have raised over €85M.
Vela: €40M
French company VELA, specializing in 100% wind-powered maritime transport, secured a substantial €40 million funding round led by Crédit Mutuel Impact, 11th Hour Racing, and BPI - French Public Investment Bank.
Founded in 2022, VELA aims to offer a sustainable and socially responsible shipping alternative through wind-powered vessels, emphasizing reduced CO2 emissions and positive social impact. The company’s French-flagged ships will provide seafarers with social protections under French law. VELA will use the funds to initiate the construction of its first vessel at Austal, an Australian shipyard, and to strengthen its sales and operations teams in France and the United States.
Candela: €13.3M
Swedish electric boat manufacturer Candela has secured an additional €13.3 million in its Series C funding round, bringing its total funding in 2024 to over €38 million. The round was led by SEB Private Equity, with participation from EQT Ventures and KanDela AB.
Candela specializes in zero-emission hydrofoil vessels, leveraging its proprietary C-Foil technology to drastically reduce energy consumption and operational costs compared to traditional ships. The new funding will support scaling production of the Candela P-12, the world’s first foiling electric ferry, at its Stockholm facility. The P-12 has demonstrated its potential to halve commute times while eliminating reliance on fossil fuels, as showcased in Stockholm’s public transport system.
Reach Subsea: €14.3M
Norwegian company Reach Subsea secured up to €14.3 million in funding from the EU Innovation Fund to advance its autonomous vessel technology. This funding, awarded under the Net Zero Technologies initiative, will accelerate the development and scaling of Reach Subsea’s Reach Remote project.
The Reach Remote project focuses on creating a fleet of remote-operated unmanned surface vessels (USVs) under the Norwegian flag, designed to perform subsea inspections, surveys, and interventions globally. By integrating USVs with Remotely Operated Vehicles (ROVs), Reach Subsea aims to enhance efficiency and sustainability in ocean-based operations.
Ulysses Ecosystem Engineering: €1.9M
Ireland and San Francisco-based Ulysses Ecosystem Engineering has raised $2 million in pre-seed funding, led by Lowercarbon Capital with support from Superorganism, ReGen Ventures, and angel investors including Intercom’s Eoghan McCabe and Ciaran Lee. This funding will help Ulysses scale its operations and engineering team, expanding its efforts to restore marine ecosystems globally.
The startup, founded in 2023, is pioneering the automation of seagrass restoration with drone technology that gathers seeds from healthy meadows and replants them in degraded areas. This approach is faster and significantly more cost-effective than traditional manual methods, allowing large-scale restoration at a fraction of the expense.
Sea02: €2M +
Dutch startup SeaO2 recently raised over €2 million in seed funding from investors including DOEN Participaties B.V., NEW-TTT fund, Future Tech Ventures, CarbonFix, and angel investors Eduard Talman and Siddharth Kambe. This funding will allow SeaO2 to transition from prototype to pilot stage, launching in 2025 with a targeted CO2 removal capacity of 250 tons per year.
In addition, SeaO2 will use the funds to expand its team and implement a Monitoring, Reporting, and Verification (MRV) system to support its carbon removal activities. Based in Amsterdam, SeaO2 specializes in Direct Ocean Capture (DOC) technology, which extracts CO2 from seawater and enhances the ocean's natural ability to absorb atmospheric carbon.
Vatn Systems: €12.3M
Vatn Systems, a technology company specializing in autonomous underwater vehicles (AUVs), has raised €12.3 million in an oversubscribed seed funding round, bringing its total funding to €15.6 million. The round was led by DYNE Ventures, with participation from Lockheed Martin Ventures, RTX Ventures, In-Q-Tel, and others.
The company develops cost-effective, modular AUVs designed for long-range precision operations, leveraging AI and machine learning to navigate and make decisions in challenging environments. These systems have applications in sectors such as law enforcement, aquaculture, and search and recovery.The new funding will support team expansion, the establishment of a manufacturing facility, and the commercialization of its AUVs in 2025.
Globavista
London-based Globavista, a provider of internet-based software solutions for the maritime sector, recently received a follow-on investment from IW Capital, though the deal amount was not disclosed. This funding will allow Globavista to expand its software development and sales capabilities to capitalize on growth opportunities in the maritime industry.
Led by Managing Director Mark Hewish, the company operates under the BigOceanData brand, offering a range of services from vessel tracking to advanced fleet operations and business intelligence. BigOceanData’s platform processes over 20 million messages daily from approximately 200,000 vessels, delivering data such as vessel identification, location, speed, and weather information, integrated with Google Maps, nautical charts, and other nautical data sources.
Hydrogen Mem-Tech
Norwegian startup Hydrogen Mem-Tech, specializing in hydrogen separation technology, recently secured a strategic investment co-led by Peak Sustainability Ventures and AP Ventures (of an undisclosed amount), with Peak acquiring a 10.5% ownership stake. The startup has now raised north of €17.1 million.
This funding will enable Hydrogen Mem-Tech to scale its operations, develop a new hydrogen separation unit with five times its current capacity, and expand green hydrogen production worldwide, with a specific focus on the Indian energy market.
If you're a startup in the leisure marine space and are looking to raise funding, reach out to us: hello@yachtingventures.co
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