Kiwi Electric Ferry Startup Vessev Raises $27M
Synopsis
Vessev has raised A$27 million in Series A funding to ramp up production of its electric VS-9 and VS-12 ferries, expand its team and develop its onboard software and tracking system.
Key Highlights
- Vessev, a New Zealand marine startup, has secured $27 million in Series A funding.
- The financing will support production of its VS-9 and VS-12 electric ferries.
- Vessev will also grow its teams in Australia and the US.
- The company plans to continue developing its onboard software and tracking technology.
Vessev Raises A$27 Million
New Zealand marine startup Vessev has raised A$27 million in a Series A funding round as it expands its business in Australia and the US. The round was led by ANZ VC Blackbird, with GD1 and Rypples joining existing investors K1W1, Icehouse Ventures, Shasta Ventures, NZVC and other angel investors.
Funding to Support Expansion
Vessev plans to use the new funding to increase production of its VS-9 and VS-12 electric ferries. The company also intends to expand its global sales and business development teams. Some of the funding will go towards further development of Vessev’s onboard software and telemetry platform.
Electric Hydrofoiling Ferries
Vessev’s vessels are fully electric passenger ferries that use carbon fibre foils to lift the hull above the water. Its design helps reduce the drag and the wake produced by vessel.
The VS-9 can carry up to 10 passengers and as a grossing speed of 25 notes or around 46 km/h. In a range of 50 nautical miles, which is 93 km. The larger VS-12 underdevelopment is expected to carry up to 30 passengers.
Source: Startup daily
At Inspirepreneurs Magazine, covering entrepreneurship, business failures, and the human stories behind the world's most ambitious founders. She writes at the intersection of strategy and storytelling.
