X Shore in a SEK 500 million funding deal backed by investors from Sweden.

XShore, a Stockholm, Sweden-based company producing electric boats, announced an equity investment deal closed at SEK 500 million ($53 million).

The money was raised from investors from Sweden, including Peter Dahlberg, Hélène Barnekow (ex-CEO of Microsoft Sweden) and Peter Carlsson (founder at Northvolt).

The new financing will be used to ramp up production.

X Shore, led by CEO Jenny Keisu, was founded in 2018 by Konrad Bergström with the aim to build a "Tesla for boats". The company's has a production facility at Nyköping where it has in the works a boat called Eelex, yet to be available for sale but which can be reserved at a retail price starting with €249k ($300k). It says that it expects to reach a full capacity of 400 boats per year by the end of 2023.

X Shore prviously raised some $24 million, via a growth round led by Team Europe in 2021, and a $5.6 million round closed in 2020.