Free Form Factory, a designer and builder of electric watercraft, has closed its latest seed funding round, raising USD500,000 from a group of investors.
It is preparing for a Series A funding round of USD3.5 million.
“With the announcement of our electric-powered Gratis X1, we are moving quickly to deliver to the market a watercraft that has disrupted the traditional thinking within the personal watercraft space.” says founder and CEO of Free Form Factory Jordan Darling.
“Our initial investors have allowed Free Form Factory to design, develop, and launch an exhilarating electric personal watercraft that will soon be available to the public. This next round will further enable Free Form Factory to deliver on their promise to bring innovative products to market, and forever change the way watercrafts are manufactured.”
The Series A funding round will be dedicated to the expansion into a larger facility, Gratis X1 production, team expansion and further development of three additional new watercrafts.
Free Form Factory began in 2014 as an aftermarket deck and hull supplier using its proprietary HULKLITE polymer material and patented manufacturing process. Today, the advanced manufacturing company is focused on creating durable, high performance electric watercraft for commercial and recreational use. The latest creation, the Gratis X1, aims to transform the personal watercraft industry worldwide.
