The company also received investment from Boost VC and Winklevoss Capital. Flux Marine can make a significant impact on climate change if even a fraction of the 800,000 outboard engines sold each year can be replaced by fully electric motors.” “Commercial shipping by sea and recreational boating produces more CO2 emissions each year than all the world’s airlines combined. “Ocean Zero invests in innovative young companies that can make a breakthrough difference in decarbonizing transportation on the world’s oceans, rivers and seas,” said Stephen Petranek, operating partner for Ocean Zero LLC, in an announcement about the funding round. The team found its lead investor, Ocean Zero, LLC, through a connection made at CDL.
#FLUX CAPITAL CEO SERIES#
The company has just announced that it’s raised $15.5 million in an oversubscribed Series A funding round. Flux Marine had just closed a seed round when the team started CDL. Frantin and his business partner, CEO Ben Sorkin have been best friends since they were 10, and grew up boating together on Lake George and Lake Champlain in upstate New York. “It definitely made us take a second look… and we ultimately decided to move forward with it because of the people.”įlux Marine builds electric outboard boat motors that are quiet, require no maintenance or winterization, and eliminate odours and pollution caused by combustion. Flux Marine entered the program’s Oceans stream in late 2020 and graduated the following summer.Ī list of “big names” associated with the program convinced Frantin to give it a shot. CDL is a nine-month objectives-based program that helps seed-stage, science- and technology-based startups scale their businesses. It turned out Creative Destruction Lab (CDL) offered that exact missing piece. “Unless there was a notable community, and a network that the program had built up, and we’d be doing it less for the modules or the learnings, and more for the community and the network,” said COO Daylin Frantin. The company had already done about four accelerator programs, and felt like they’d gotten all the advice they needed. The team at Flux Marine didn’t want to enrol in any more business accelerators - unless there was a really good reason to do so.
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