X Shore, the company behind a generation of fully electric, silent and connected boats, announced fresh funding of €8.5 million. Several existing major shareholders participated in this round, including company founder Konrad Bergström.
X Shore was founded in 2016 by Konrad Bergström. He is now one of the investors that together will put €8.5 million in fresh funding into the company. At the same time, he announced his comeback to the company and stated that he is proud to be back and playing a part in ensuring that Nordic innovation is charging the shoreline shift to electric.
The funds raised are earmarked for product R&D, improving sales and marketing strategies, and designing and scoping future new X Shore models. None of the funds are toward the factory, X Shore Industries 1, as funding requirements have been fulfilled already. X Shore is committed to achieving profitability, albeit at a revised time frame, in light of market conditions.
– X Shore is a globally recognised Swedish brand with significant support from the maritime and tech industries and everyone concerned with sustainability. Goodwill from the sector has remained consistent despite of recent challenges experienced by the company which have risked X Shore losing focus of its founding vision. Our new CEO René Hansen has already put X Shore firmly back on course, and achieved remarkable things in a short period, says Konrad Bergström.
X Shore CEO René Hansen adds:
– With this influx of funding, we’re poised to propel our sales forward and reframe the global narrative of our industry, infusing every innovation with the essence of our mission: to make boating one with nature with unrivalled technology, functional design, and an unwavering dedication to sustainable excellence.
