Founded in 2016 in Stockholm, X Shore has become a world leader in electric boats whose vessels use no fossil fuels and aim to minimize impact on marine wildlife. The company launched its third model, the X Shore PRO, in September 2023. Management says proceeds from recent funding will go to product R&D, improved sales and marketing, and designing and scoping future X Shore models. X Shore has faced recent operational challenges, including a 10% staff layoff in early 2023 and parts shortages that drastically reduced production capacity. Its last two funding rounds were at lower valuations than a €50 million raise in 2022, though total funding has now topped €100 million after the new round. Leadership highlights a revised timetable to achieve profitability, and founder Konrad Bergström has returned to operational involvement while CEO René Hansen reiterated the company’s commitment to sustainable performance. X Shore builds all-electric watercraft and is focused on scaling in-house production. Its flagship product, the X Shore 1, was launched in September 2022 and the company says it has a significantly lower price point than competing electric boats. X Shore completed a pilot production phase in autumn 2021 and rolled its first all-electric watercraft off a new production house at the end of March 2022. The company plans to use new financing to ramp up production and accelerate growth in the US market. X Shore projects it will reach EBITDA profitability during 2024. CEO Jenny Keisu frames the mission as leading the transition to electric vessels to help decarbonize the industry. X Shore designs and builds fully electric, silent boats and has moved from pilot production into factory output. It completed a pilot production phase last autumn and rolled its first all-electric watercraft off the assembly line at the end of last month. The company has opened the Nyköping-based X Shore Industries 1 facility, which it says can complete two vessels per day. Founder and chairman Konrad Bergström leads the company; Jenny Keisu has served as CEO since March 2020. X Shore plans to use new funding to accelerate production, reduce lead times, invest in research and development, and build out global sales channels. The company recently raised $50 million in an oversubscribed funding round, attracting notable investor interest. X Shore is a Stockholm-based electric, connected and sustainable boating brand that officially launched its Eelex 8000 electric boat in the United States. The Eelex 8000 is designed to be entirely connected, featuring a proprietary mobile and smartwatch app that unlocks and turns on the boat, smart overboard detection, geo-fencing software and autopilot. The company emphasises sustainability in materials, using cork instead of teak, recycled plastics and optional Flax fibre in place of fibreglass or carbon fibre. Technology and software development are priorities, with planned features such as auto-docking as a first step toward autonomous driving. X Shore plans to increase production and industrialise its manufacturing, including opening a second factory in the Stockholm region and establishing a U.S. assembly line. The €15M financing will also fund a local U.S. team to support distribution as the company expands in the United States. X Shore designs and builds fully electric, silent high-speed boats, including 5.8-metre and 8-metre models. The company plans to scale production, grow its team and bolster facilities in Stockholm before expanding to the UK and other parts of Europe. It raised new capital to continue product development and ramp manufacturing. X Shore reports a strong order book and growing demand for its boats. Founder Konrad Bergström, who started the company in 2016, remains heavily involved in design, brand building and marketing. The company has also strengthened its leadership with Jenny Keisu as CEO and Oscar Fors as COO.

Total raised

$114M

Funding rounds

6

Latest round

Equity

Latest activity

Apr 2024