French startup Bluenav has raised 1.3 million euros ($1.4 million) in a funding round led by Swen Capital, with participation from Ardev and DeepIE Ventures. Bluenav develops electric and hybrid motors for boats in order to promote the energy transition of the boating industry. The Blue Spin technology developed by the company is a retractable, compact, and lightweight electric motor that can be easily installed on various types of boats, including outboard motor boats, propeller boats, and sailboats. The motors developed by Bluenav allow for noiseless, odorless, and vibration-free navigation, making it more eco-friendly.
Launched in 2020 by Hervé Frouin and Thomas Frouin, Bluenav aims to help boats transition to cleaner energy sources. This funding round will allow the company to expand its solution globally. The due diligence for the funding was conducted by 2CFinance, a transaction services company. Swen Capital is a French private equity firm focused on sustainable investments, while Ardev is a venture capital firm investing in deep tech startups. DeepIE Ventures is a Spanish venture capital firm that invests in startups that have a positive impact on society.
Bluenav's innovative technology has the potential to revolutionize the boating industry by making it more environmentally friendly. The company's retractable electric motor is easy to install on various types of boats, making it a more accessible solution for boat owners looking to reduce their carbon footprint. The company's focus on sustainability aligns with the values of Swen Capital and Ardev, which are committed to investing in companies that promote a more sustainable future. With this funding, Bluenav is well-positioned to expand its reach and continue to drive innovation in the boating industry.