Vessev Raises $19 Mn Series A to Scale Electric Hydrofoil Vessels in Australia and the US

The funding round was led by Blackbird, an Australian venture capital firm. GD1 and Rypples also joined the round, along with existing investors including K1W1, Icehouse Ventures, Shasta Ventures, NZVC, and several angel investors.

Vessev plans to use the funding to increase production of its VS-9 and VS-12 vessels. The company wants to make more boats as it expands into new markets.

The funding will also help Vessev grow its global sales and marketing team. The company will continue developing its onboard software and telemetry platform to improve the performance and monitoring of its vessels.

Laakmann said Australia is one of the most exciting markets for electric hydrofoiling and a natural proving grown for Vessev’s aquatic technology.

“Australia currently has more planned electric hydrofoiling transport networks than any other country. Its cities are built around waterways that are still underused as transport corridors and we’re seeing strong demand for a new kind of water transport that is quiet, efficient, sustainable and commercially practical,” he said.

We want to position Tasmania as a global leader in low-impact transport, built on its renewable energy advantage,” he said.

“We’re currently raising additional capital, with interest from investors, communities, developers and businesses who all see ways to build Fly Derwent into their broader plans.”

Founded in 2017 by Aucklander Max Olson and Seattle-born Eric Laakmann, Vessev is a New Zealand marine technology company that develops electric hydrofoil vessels. Its boats use underwater wings, called hydrofoils, to lift the hull above the water as they move.

This design helps reduce drag, making the vessels faster, quieter, and more energy-efficient than traditional boats.

Vessev is developing vessels such as the VS-9 and VS-12, targeting passenger transport and other marine applications. The company is also building onboard software and telemetry technology to monitor and improve vessel performance.

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