X Shore Valuation, Funding & Investors
X Shore is valued at $94M as of April 2021.
Last X Shore valuation
$94M
Series A · Apr 2021
Last X Shore funding round
$9M
Series A · Apr 2024
Cumulative funding X Shore raised
$111M
across 6 funding rounds
Key investors in X Shore
Wellstreet
SEB Group
Team Global
Centripetal
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Peter Carlsson- Navin Thukkaram
About X Shore
X Shore is a Gothenburg-headquartered manufacturer of fully electric motorboats. Unveiled in 2020, the Eelex 8000 tender reaches 30 knots with a 100kWh battery for 100 nautical mile range, charging in two hours. Production occurs at a Swedish facility producing 200 units yearly, with models sold to yacht owners in Europe and the US. X Shore integrates hydrofoil technology from Artemis Racing for silent cruising.
Founded
1996
HQ
StockholmWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Valuation
$94M (Apr 2021)
X Shore Valuation
X Shore is currently valued at $94M, based on its Series A in April 2021.
The $18M round was led by Team Global, with participation from Navin Thukkaram and Marec Gasiun.
X Shore valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Apr 2021 | Series A | $94M |
X Shore Funding History
X Shore has raised a total of $111M across 6 funding rounds.
X Shore's first fundraising round was a $2M pre-seed round in October 2019. The most recent completed round was a $9M Series A in April 2024.
X Shore funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2024 | Series A | Konrad Bergström (lead) | $9M | - | X Shore is a Swedish electric boat manufacturer founded in 2016 by Konrad Bergström, producing fully electric, silent, and connected boats with zero exhaust emissions and minimal marine impact. The company blends Swedish maritime tradition with technology and sustainability, earning recognition as one of the world’s most sustainable leisure boat manufacturers from independent auditor Cicero Shades of Green. Its products include the X Shore PRO launched in September 2023 and the X Shore T-Top shown at boot Düsseldorf in January 2024, targeting leisure, professional divers, fish farms, coastguards, and tourism. On April 29, 2024, X Shore raised SEK 100 million (approximately €8.5 million or $9.2 million) from existing investors including founder Konrad Bergström. The funds support product development, sales, and marketing expansion, separate from factory construction needs which were already met. This round follows challenges like 10% staff layoffs in 2023, supply chain shortages reducing production, and repurchasing 19 of 22 boats sold that year, with valuation lower than prior rounds including a €50 million round in 2022 and €26.5 million in 2023 led by SEB. Under CEO René Hansen since late 2023, X Shore aims for profitability amid market conditions, leveraging sector goodwill to refocus on its electric boating vision. |
| Apr 2023 | Strategic investment | SEB Group (lead) | $29M | - | X Shore is a Swedish electric boat manufacturer producing all-electric power boats, including the Eelex 8000 and the more affordable X Shore 1 launched in September 2022, positioned as a lower-cost alternative to competing high-performance electric boats at around €99,000. The company focuses on sustainability, in-house production, and expansion into the North American market, where it made most sales in 2022. In April 2023, X Shore raised approximately 300 million SEK (about $29 million or €26.5 million) in a funding round led by SEB Investment Management AB, with participation from existing and new shareholders. This followed a prior round about a year earlier that raised the equivalent of $50 million. The funds were allocated to scale production capacity—currently limited to under 400 boats per year due to supply chain issues despite a potential of nearly 2,000—cover operational costs, and accelerate US market growth to reach EBITDA profitability targeted for 2024. CEO Jenny Keisu noted the valuation was lower than the previous round amid market conditions, but emphasized closing the round quickly with a strong new investor. Previous backers include Delivery Hero founder Lukasz Gadowski, Navin Thukkaram, and Marec Gasiun. Post-round developments include a SEK 100 million ($9.2 million) raise in April 2024 from existing shareholders like founder Konrad Bergström to advance electric boats and sales. X Shore, founded in 2016 by serial entrepreneur Konrad Bergström, had raised over $100 million total by early 2023. The company later faced challenges, filing for bankruptcy after raising over €100 million, impacting 70 employees. |
| Apr 2022 | Series B | Peter Carlsson (lead); Centripetal | $48M | - | X Shore is a Swedish electric boat manufacturer producing fully electric boats like the Eelex 8000, featuring a 225 kW electric motor and low-impact materials for minimal carbon footprint. In April 2022, the company raised more than $50 million (SEK 500 million) in a funding round that was oversubscribed in less than two days. New investors included Peter Carlsson, founder and CEO of Northvolt, alongside existing owners, board members, and management. The funds were allocated to ramp up production at the new X Shore Industries 1 factory in Nyköping, Sweden, which became operational with its first boat off the production line at the end of March 2022 following pilot production the prior fall. CEO Jenny Keisu highlighted the support amid market uncertainty and plans to reduce delivery lead times, invest in R&D, and expand global sales channels. The company aimed to manufacture two boats per day by year-end through in-house composite hull production previously outsourced. This round followed prior funding, including a 2021 raise and earlier rounds totaling prior investments from figures like Delivery Hero founder Lukasz Gadowski's Team Global, Navin Thukkaram, and Marec Gasiun. X Shore had launched the Eelex 8000 in the US the previous year, marking growth in the sustainable maritime sector. Later, X Shore faced challenges, filing for bankruptcy after raising over €100m total, as noted in 2025 reports. |
| Apr 2021 | Series A | Team Global (lead); Navin Thukkaram; Marec Gasiun | $18M | $94M | X Shore is a Swedish electric boat manufacturer founded in 2016, specializing in fully electric day boats, tenders, and yachts designed for sustainability, superior design, and long battery range to reduce fossil fuel pollution in maritime activities. The company focuses on silent, eco-friendly boating experiences with advanced battery technology for extended ocean navigation. In April 2021, X Shore completed a Series B funding round with a post-money valuation of $93.51M. Subsequent rounds included Series C in 2022, €26.4M (SEK 300M) in April 2023 to pursue EBITDA profitability by 2024, €8.5M (SEK 100M) in 2024 for product development, and smaller raises like $9.1M Series C-III in 2024 and $5.22M in 2025, bringing total funding over $112M across six rounds. X Shore expanded production, entered the US market, launched models like the X Shore Pro for maritime professionals, and earned design awards while selling boats in Europe and the US. The company faced mounting financial challenges despite fundraising, filing for insolvency in October 2025 due to unpaid rent of 17M SEK ($1.9M), with no buyers emerging, leading to bankruptcy liquidation in January 2026. Founder Konrad Bergström highlighted the company's role in promoting electric boating awareness, expressing hope for revival. |
| Mar 2020 | Series A | Peter Dahlberg (lead); Wellstreet | $6M | - | X Shore is a Swedish electric boat manufacturer developing high-speed fully electric boats, including 5.8-meter and 8-meter models like the Eelex 8000, aimed at revolutionizing the maritime industry with emission-free sea travel. The company, founded by Konrad Bergström, launched its first models at Boot Dusseldorf in January 2019 following a €1.5M crowdfunding campaign on FundedByMe. In March 2020, X Shore raised €5M (US$5.7M) led by Peter Dahlberg, former CEO of AniCura, with participation from a group including existing investors. This brought total funding to €9.5M (US$10.75M). Peter Dahlberg became the second-largest shareholder after Bergström. The funds supported development of electric boats, team expansion, and new facilities in Stockholm to start shipping and scale globally, driven by a strong order book and growing demand. New leadership included CEO Jenny Keisu from Summa Equity and COO Oscar Fors from Northvolt. |
| Oct 2019 | Pre-seed | - | $2M | - | - |
Who has invested in X Shore?
9 investors have backed X Shore across its funding rounds, including Wellstreet, SEB Group, Team Global, Centripetal, Peter Carlsson and Navin Thukkaram.
Lead investors include Konrad Bergström, SEB Group, Peter Carlsson, Team Global and Peter Dahlberg.
X Shore Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Stockholm | 1 | Participant | Mar 2020 | |
| Stockholm | 1 | Lead | Apr 2023 | |
| Navin Thukkaram |  New York City, NY | 1 | Participant | Apr 2021 |
| Marec Gasiun | Stockholm | 1 | Participant | Apr 2021 |
| Stockholm | 1 | Participant | Apr 2022 | |
| Peter Carlsson | San Francisco, CA | 1 | Lead | Apr 2022 |
| Konrad Bergström | Stockholm | 1 | Lead | Apr 2024 |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialX Shore Competitors
X Shore competitors include listed companies like Vertical Aerospace and Aptera Motors, and private ones like ChargerSystem Inc, FOMM, NEXT Future Transportation and Riversimple.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Boca Raton, FL | Private | - | - | $95M | - | |
 Yokohama | Private | - | - | $93M | - | |
| San Jose, CA | Private | - | - | $91M | - | |
 United Kingdom | Private | - | - | $98M | - | |
| United Kingdom | Publicly listed | - | ($140M) | $102M | - | |
| United States | Publicly listed | - | ($43M) | $85M | 715.1x |
X Shore Public Comps
X Shore is still privately-owned, but its public comps include Automob, Vertical Aerospace, Aptera Motors, MIC Electronics, APR Technologies, Blink Charging, Saean Group, Wallbox, WLM and GreenMobility.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.5B | $84M | 0.4x | 0.3x | 10.7x | 6.7x | |||
| - | ($140M) | - | - | (1.2x) | (1.0x) | |||
| - | ($43M) | - | 715.1x | (1.8x) | (3.1x) | |||
| $17M | $3M | 6.3x | - | 41.7x | - | |||
| $1M | ($247K) | 50.7x | - | (273.7x) | - | |||
| $103M | ($73M) | 0.5x | 0.5x | (0.7x) | (2.0x) | |||
| - | - | - | - | - | - | |||
| $167M | ($59M) | 1.8x | 1.8x | (5.0x) | (10.7x) | |||
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Common questions about X Shore
| When was X Shore founded? | X Shore was founded in 1996. |
| Where is X Shore headquartered? | X Shore is headquartered in Stockholm, Sweden. |
| Is X Shore publicly listed? | No, X Shore is a private, VC-backed company. |
| What is X Shore's valuation? | X Shore was last valued at $94M in its Series A in April 2021. |
| How much funding has X Shore raised? | X Shore has raised $111M across 6 funding rounds. |
| What was X Shore's last funding round? | X Shore's last funding round was a $9M Series A in April 2024, led by Konrad Bergström. |
| Who are X Shore's investors? | X Shore's investors include Wellstreet, SEB Group, Navin Thukkaram, Marec Gasiun, Centripetal, Peter Carlsson, Konrad Bergström, Peter Dahlberg and Team Global. |
| Which companies are comparable to X Shore? | Companies comparable to X Shore include ChargerSystem Inc, FOMM, NEXT Future Transportation, Riversimple, Vertical Aerospace and Aptera Motors. |
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