Vessev, an Auckland company that builds electric hydrofoiling passenger vessels, announced US$19m (NZ$32.6m) in Series A and follow-on financing on 21 August 2026. Blackbird Ventures led the round. Startup Daily reported the amount as A$27m.
GD1 and Rypples joined as new investors. Existing backers K1W1 and Icehouse Ventures took part, along with Shasta Ventures, NZVC and angel investors. No valuation was disclosed.
“Our goal is to change the way the world moves on water”Eric Laakmann, co-founder and CEO, Vessev
What Vessev does
Vessev's VS-9 is a 10-passenger battery-electric vessel that lifts out of the water on hydrofoils, which the company says gives about three times the efficiency of conventional vessels, along with less noise and wake. It claims a range of up to 40 nautical miles at full load and 50 at light load.
The company was founded in 2017 by Eric Laakmann, who is chief executive, and Max Olson, chief technology officer, according to Startup Daily. It has 58 staff in Auckland.
Laakmann said the company's goal is to change the way the world moves on water.
Marine Industry News reported that Vessev opened its first international office, in the US, in 2025 to meet growing demand for its hydrofoiling technology. It also described the VS-9 as built from fibre-reinforced plastic, with a claimed top speed of 30 knots, a service speed of 25 knots and a hull that rides about 50cm above the water.
Customers and traction
The first US customer is FlyTahoe, a water transit operator on Lake Tahoe in California, which has ordered several VS-9 vessels. Its network is subject to regulatory approval. Fullers360 began commercial service with the first VS-9 in January 2025, and Fly Derwent in Hobart has doubled its order.
Vessev says its vessels have logged more than 11,000 nautical miles across New Zealand and Australia and that it has demand across five continents, with projects in Hobart, Perth and Sydney. The VS-9 "Kermadec" will debut at New York Climate Week, followed by Washington, DC, and demonstrations at Lake Tahoe later this year.
Marine Industry News said FlyTahoe's planned water transit network still needs permits and approvals from the Tahoe Regional Planning Agency, which FlyTahoe is pursuing. Vessev has also said it will bring its vessels to Perth, Australia, with a new client.
What the money is for
The funds will go to accelerating VS-9 production, expanding the go-to-market team with hires in New Zealand, advancing onboard software and supporting development of larger vessels. The company aims to build one VS-9 every five weeks in 2027.
Startup Daily said the money will also go toward the larger VS-12 and onboard software and telemetry.
Laakmann said the United States is a key market, and Vessev plans to scale there, in Australia and elsewhere.
Who invested
Phoebe Harrop Meadows, a partner at Blackbird, said the combination of foiling technology and software lowers operating costs while improving the passenger experience.
K1W1 is described in the release as an early investor in Rocket Lab, and Icehouse Ventures as an early investor in Halter. The release did not give amounts for earlier rounds.
Company website: vessev.com