E1 Series in €20m fundraise as it plots expansion and London race
Celebrity-backed electric powerboating series E1 is seeking around €20m (£17m) from a fresh round of fundraising as it this week steps up plans to secure a race in London.
E1 has engaged Rothschild and Co to seek an investor to inject capital, which bosses have earmarked for a second fleet of boats and commercial and marketing activities.
It comes as the series, which is 50 per cent owned by Saudi Arabia’s Public Investment Fund, prepares to stage a showcase on the Thames on Wednesday.
“We are going through a fundraise because we want to build another set of boats,” said E1 CEO Rodi Basso.
“We’re using Rothschild and co as an advisor. They have so far pitched our championship to 50 family offices, all interested in sports.
“We so far had 20 management pitches, of which I think five went to the second round. The target is by the Monaco race, which is 19 July, we should have more clarity on who’s really interested.”
E1 is keen to find a US investment partner that can help it grow its presence in North America, where team owners such as Will Smith and LeBron James are based.
Interested parties are being invited to bid at their chosen valuation. PIF is not diluting its stake but declined to increase it.
Basso says E1 is targeting a €500m valuation by 2030, based on increased sponsorship, higher entry fees and expanding the current seven-race calendar to 15 dates.
London showcase is test for E1 race on Thames
London, where the series is headquartered and shares a base with fellow renewable energy-based racing competitions Formula E and Extreme H, is a key race candidate.
E1’s racebird boats will make their debut on the Thames today as part of a showcase that organisers hope strengthen their case for a race in the capital.
“We love these kind of iconic places. We also love to invite international guests to come to our races because that’s also perceived as a great value for our state stakeholders,” said Basso.
“It would be amazing to race here. Let’s say that we feel a light, gentle pressure in this short run that we are doing tomorrow [Wednesday], because I think we will be watched and observed to understand the impact. We are very close to the local authorities.
“London is not even England, it’s not even Europe; London is the world. It’s a super iconic city. The creative industry in England is huge. So it makes a lot of sense.”
E1 is currently halfway through its second season, having completed races in Jeddah, Doha, Dubrovnik and Lake Maggiore. After Monaco, it races in Lagos and then Miami.
Aside from Smith and James, team owners include Rafael Nadal, Tom Brady, Virat Kohli, Didier Drogba and Steve Aoki.