Actor Will Smith, media mogul Sean “Diddy” Combs, and NBA superstar Kevin Durant have teamed up to invest into an electric boat startup company called Arc.
According to TechCrunch, the startup launched 10 months ago with the hopes to bring electric boats to the sea and capture the eyes of some of Hollywood's biggest stars. Arc hopes that the network and influence Smith, Diddy and Durant have will open up an endless world of possibilities including a $300,000 boat that has hit the market.
Arc is backed by VC firm Andreessen Horowitz, with co-founder and CEO Mitch Lee and former SpaceX engineer Ryan Cook, leading the way.
“All of these people, in addition to just being world class at what they do, have a ton of experience building brands and marketing products, and generally cultivating a community,” Lee said in a recent interview with TechCrunch.
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Currently, Arc is working on a prototype boat called the Arc One, a 24-foot aluminum boat that produces 475 horsepower and can run between 3 to 5 hours on a single charge.
No more than 25 Arc One boats will be produced.
“We are not planning to make very many of these, but it sets the tone for what an electric boat can be in this market and it creates a new anchor for us — pun intended,” Lee said.
New boats will hit the market by the end of 2022 and will reportedly be sold around $150,000 to $200,000.
Will Smith, Diddy or Durant have not publicly commented on their new venture.