Radinn raises $3M from private investors for an electric wakeboard business.
Radinn, a Malmö, Sweden-based company working to develop a business for manufacturing and selling electric boards for water sports, announced raising a SEK 25M ($3M) round in capital to the company.
The money comes from a range of Swedish angel investors, including Simon Josefsson, Anders Bengtsson, Pandelis Eliopoulos, Vilhelm Schottenius and Djäkne Startup Studio. The funding will be used to scale up the production which now is at around 1000 units per year.
Radinn was founded in 2012 by CEO Alexander Lind as a project at Lund University and prototyped in 2015 for making it a business. The company has developed an electric wakeboard, G2X that you can use for wave raiding despite wind, wave or weather conditions. Its price is about €10,000 euros and cruises at speed up to 50 km/h.
Prior to this deal, Radinn raised SEK 20M from various Swedish investors.