XShore to raise $17.5 million in a round led by Team Europe.

XShore, a Stockholm, Sweden-based company producing electric boats, secured a SEK 150 million ($17.5M) capital investment round.

The money was raised from investors led by Team Europe, an investment company from Berlin founded by Lukasz Gadowski and Kolja Hebenstreit. The round also included contributions from Navin Thukkaram, founder and CEO of Innovation Bootcamp, and Marec Gasiun, former Head of Automotive Business Development at Google.

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 product is called Eelex, yet to be available for sale but which can be reserved at a retail price starting with €249k ($300k).

X Shore prviously raised some $7 million, with most of it coming from a $5.6 million round closed in 2020.