During the pandemic,
@dontmitch called me and said something along the lines of “I know what I want to do for the rest of my life. I’m going to build electric boats.”
At first, I thought he was nuts. I even tried to talk him out of it. He had just had his first kid, he had a great job working at Credit Karma, the acquirer of his last company, and we were in extremely uncertain times.
Did people even want electric boats? Aren't there a ton of challenges with electrifying watercraft?
The more we talked, the more it became obvious that he was 100% going to build this company, and it was going to massively change the industry.
In just a few years,
@ArcBoats has:
- Raised $100M from top investors like
@EclipseVentures,
@a16z ,
@lowercarbon,
@MenloVentures (and of course
@NecessaryVC)
- Built an incredible team hailing from
@SpaceX,
@Tesla,
@Rivian, etc.
- Sold out and fully delivered their first model, the incredibly powerful and fun Arc One
- Designed and started deliveries on their second model, the mass-market Arc Sport, comparably priced to competitors but more powerful, more advanced, more fun to drive, quieter, and not pollutive
This was a very special episode of Money Moves, where Mitch and I were joined by another long-time friend and previously exited entrepreneur, the brilliant
@robertoryan (Clinkle gang IYKYK).
We talk about raising your first round, building a team, and keeping the pace. Check it out on:
YouTube:
youtu.be/8mEippFlTPU?feature…
Spotify:
open.spotify.com/episode/31z…
Apple:
podcasts.apple.com/us/podcas…