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- Pure Watercraft
Pure Watercraft Valuation, Funding & Investors
Pure Watercraft is valued at $600M as of April 2022.
Last Pure Watercraft valuation
$600M
Series B · Apr 2022
Last Pure Watercraft funding round
$15M
Series B · Apr 2022
Cumulative funding Pure Watercraft raised
$202M
across 4 funding rounds
Key investors in Pure Watercraft
L37 Ventures
General Motors
Kid Venture Capital
About Pure Watercraft
Pure Watercraft is a designer and manufacturer of battery-electric outboard propulsion systems for recreational and commercial boats. Based in the United States with production in Denver, Colorado, its 50-175 horsepower motors deliver quiet, zero-emission performance up to 50 nautical miles range. Compatible with boats from 16 to 50 feet, the systems integrate lithium-ion batteries and digital displays, reducing fuel costs by over 90 percent compared to gas engines.
Founded
2011
HQ
Website
Status
Privately held
Customer focus
B2B & B2C
Revenue model
Product sales
Valuation
$600M (Apr 2022)
Pure Watercraft Valuation
Pure Watercraft is currently valued at $600M, based on its Series B in April 2022.
Pure Watercraft's valuation has grown 4.5x from $132M at its Series A in December 2020 to $600M in April 2022, across 3 priced rounds.
Pure Watercraft valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Apr 2022 | Series B | $600M |
| Nov 2021 | Strategic investment | $600M |
| Dec 2020 | Series A | $132M |
Pure Watercraft Funding History
Pure Watercraft has raised a total of $202M across 4 funding rounds.
Pure Watercraft's first fundraising round was a $23M Series A in September 2020. The most recent completed round was a $15M Series B in April 2022.
Pure Watercraft funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2022 | Series B | - | $15M | $600M | Pure Watercraft develops battery-electric propulsion systems for boats, offering high-performance all-electric outboards with proprietary high-voltage battery packs to reduce noise, maintenance, and environmental impact. The company targets the multi-billion dollar powerboating market shifting toward electrification. In November 2021, Pure Watercraft raised $150 million in a Corporate Minority round from General Motors at a $600 million valuation. This followed earlier Series A funding of $23.4 million in September 2020 led by L37 and additional rounds totaling over $200 million across multiple financings. An Unattributed VC round of $14.9 million occurred on April 29, 2022, classified by some sources as Series B. Subsequent debt financing included $5.08 million in April 2024. |
| Nov 2021 | Strategic investment | General Motors (lead) | $150M | $600M | Pure Watercraft is a Seattle-based startup founded in 2011 that manufactures battery-electric outboard boat motors and systems, including the Pure Outboard motor powered by lithium-ion battery packs, offering quieter, more efficient, and environmentally friendly alternatives to gas-powered engines. The company sells complete electric boat packages and has partnered with boat manufacturers like Highfield RIBs. Prior to the GM deal, Pure Watercraft raised about $37-37.5 million in a Series A round completed in late 2020, employed around 55 people, and operated from facilities in Seattle and Tukwila, Washington. It also acquired electric boat manufacturer Elux Marine in January 2021. On November 22, 2021, General Motors acquired a 25% stake in Pure Watercraft for $150 million in cash and payment-in-kind, valuing the company at $600 million post-investment. This strategic partnership positions GM as a components supplier, co-developer of new products, and provider of engineering, design, and manufacturing expertise to help Pure Watercraft scale production and establish new factories. The collaboration aims to integrate GM's EV technology into battery-electric watercraft, advancing zero-emission marine mobility alongside GM's broader $35 billion investment in electric and autonomous vehicles through 2025. Pure Watercraft's products, such as the Pure Outboard system priced at $16,500-$25,000 depending on battery configuration, were set to begin deliveries imminently, with emphasis on superior propulsion efficiency and lower operating costs. The deal aligns with industry trends toward electrification in boating, leveraging GM's expertise from automotive, rail, truck, and aerospace applications to accelerate commercial adoption of electric marine propulsion. |
| Dec 2020 | Series A | L37 Ventures (lead); Kid Venture Capital | $14M | $132M | Pure Watercraft develops battery-electric propulsion systems for boats, focusing on high-performance electric outboard motors equivalent to up to 50 HP gas outboards, with proprietary thermally-managed lithium-ion battery packs offering high energy density. The company offers drop-in replacement motor systems or complete boat packages in partnership with brands like Highfield Boats, Bass Pro Shops, and Still Water Design, targeting direct-to-consumer distribution in the growing electric boating market. On December 18, 2020, it closed a Series A-1 extension raising $10.32 million led by L37 Ventures and Kid Venture Capital, contributing to a total Series A of $37.5 million including prior tranches of $23.4 million and $14.1 million. The post-money valuation reached $131.98 million. Funds supported team expansion, production ramp-up in Seattle, and delivery of initial products to meet rising demand for clean, quiet boating. |
| Sep 2020 | Series A | L37 Ventures (lead) | $23M | - | Pure Watercraft, a leader in electric boating technology based in Seattle, develops high-performance electric outboard motor systems equivalent to up to 50 HP gas outboards, offering quiet operation, no scheduled maintenance, and lower ownership costs for popular boat categories. The company targets making boating more enjoyable, accessible, and environmentally friendly through direct-to-consumer distribution in the growing global electric boats market. Founded in 2011 by CEO Andy Rebele, it persisted through early challenges with self-funding and minor investments before this round, having completed R&D on its battery pack architecture. On September 22, 2020, Pure Watercraft announced a $23.4 million Series A round led by L37 Ventures, including Amazon executives and boating industry participants, aimed at ramping up production of its first 1,000 'Pure' motors in Seattle. This formed part of an oversubscribed total Series A of $37.5 million closed by December 2020, with L37 Managing Partner Randall Ussery joining to support team growth and product delivery starting in 2021 to meet rising demand for electric boating innovation. Additional tranches included a Series A-1 of $10.32 million on December 18, 2020, from Kid Venture Capital and L37. Later rounds show a $600 million valuation in a November 2021 $150 million corporate minority investment from General Motors and $218.2 million total raised across 10 rounds by April 2024, including debt facilities. The funding focused on scaling from beta testing to commercial production amid increasing investor interest in marine electrification. |
Who has invested in Pure Watercraft?
3 investors have backed Pure Watercraft across its funding rounds, including L37 Ventures, General Motors and Kid Venture Capital.
Lead investors include General Motors and L37 Ventures.
Pure Watercraft Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Sep 2020 | ||
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Start Free TrialPure Watercraft Competitors
Pure Watercraft competitors include listed companies like Phoenix Bicycle, Solid Power, Einride and Kempower, and private ones like Stark Future and Zhidao Technology.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $322M | $30M | $594M | - | ||
| Publicly listed | $18M | ($87M) | $581M | 38.3x | ||
| Publicly listed | $47M | ($93M) | $570M | - | ||
| Publicly listed | $289M | $690K | $632M | 1.9x | ||
| Private | $132M | - | $555M | 4.2x | ||
| Private | - | - | $526M | - |
Pure Watercraft Public Comps
Pure Watercraft is still privately-owned, but its public comps include Phoenix Bicycle, Costamare Bulkers, EV Motors, Solid Power, Lotus Technology, Log-In, Einride, Kempower, Gotlandsbolaget and Pangaea Logistics Solutions.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $322M | $30M | 1.6x | - | 16.8x | - | |||
| $597M | ($3M) | 0.9x | - | (173.4x) | - | |||
| $411M | $2M | 1.3x | 0.8x | 223.3x | 52.8x | |||
| $18M | ($87M) | 19.3x | 38.3x | (4.0x) | (4.3x) | |||
| $519M | ($360M) | 4.5x | 4.0x | (6.5x) | (7.9x) | |||
| $599M | $186M | 1.5x | 1.5x | 4.8x | 6.4x | |||
| $47M | ($93M) | 12.3x | - | (6.2x) | - | |||
| $289M | $690K | 2.2x | 1.9x | 917.9x | 59.5x | |||
This data is available for Pro users. Sign up to see all Pure Watercraft competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Pure Watercraft
| When was Pure Watercraft founded? | Pure Watercraft was founded in 2011. |
| Where is Pure Watercraft headquartered? | Pure Watercraft is headquartered in Seattle, WA, United States. |
| Is Pure Watercraft publicly listed? | No, Pure Watercraft is a private, VC-backed company. |
| What is Pure Watercraft's valuation? | Pure Watercraft was last valued at $600M in its Series B in April 2022. |
| How much funding has Pure Watercraft raised? | Pure Watercraft has raised $202M across 4 funding rounds. |
| What was Pure Watercraft's last funding round? | Pure Watercraft's last funding round was a $15M Series B in April 2022. |
| Who are Pure Watercraft's investors? | Pure Watercraft's investors include L37 Ventures, Kid Venture Capital and General Motors. |
| Which companies are comparable to Pure Watercraft? | Companies comparable to Pure Watercraft include Phoenix Bicycle, Solid Power, Einride, Kempower, Stark Future and Zhidao Technology. |
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