City hydrofoils just raised A$27 million. That is not a boat on a trailer.
Jason Rieck · Cat Cruisers · Gold Coast · 30 September 2026
On 27 August 2026, The Driven reported that Auckland marine company Vessev had secured US$19 million, which it writes as A$27 million, in Series A and follow-on financing. Blackbird Ventures led a mix of new and old investors. The money is for building more VS-9 and VS-12 electric hydrofoils, a larger market team, and work on onboard software and telemetry.
My take, early. This is a production raise. It is not a boat you can book for a weekend, and the only range number in the piece is a cruise claim for one model.
What Vessev says it is selling
Vessev was founded in 2017. It launched the VS-9 in 2024, with a stated cruise range of 40 nautical miles at 25 knots, and has a newer model called the VS-12. The article does not give a range or a speed for the VS-12.
The Driven says Vessev has delivered commercial vessels, signed plans to deliver multiple VS-9 and VS-12 boats to customers in Sydney, Perth and Tasmania, and named a first US customer.
Separately, it reports agreements for multiple VS-12 vessels for a future water-transport network on Sydney Harbour, and orders for V-9 vessels for a ferry network on the Swan River. I am keeping the article's "V-9" as printed there. It is not spelled VS-9 in that sentence.
Tasmanian operator Fly Derwent, which announced a partnership with Vessev in April, has doubled reservations to ten vessels, the article says. FlyTahoe, on Lake Tahoe in California, is the first US customer. Vessev said it would run US demonstrations this year. The piece does not say those demonstrations have happened.
Chief executive Eric Laakmann says Australia has more planned electric hydrofoiling transport networks than any other country. That is his claim. Fly Derwent principal Cameron McCulloch says the Tasmanian group is still raising more capital.
Specs the article actually gives
- VS-9: cruise range of 40 nautical miles at 25 knots
- VS-12: named, no range or speed in this piece
- Financing: US$19 million (A$27 million), Series A and follow-on, led by Blackbird Ventures
- Fly Derwent reservations: ten, after a doubling
- Named markets: Sydney, Perth, Tasmania, and a first US customer at Lake Tahoe
No passenger count, no price per boat, and no battery figure appears in the article. I am not adding them.
Honest caveats
"Plans", "agreements" and "orders" are not the same as boats in the water. The article does not say how many of the Sydney, Perth or Swan River vessels have been delivered.
A cruise range at one speed is not a reserve, a headwind figure, or a full-day roster. The piece does not say what happens when the foil cannot fly.
Laakmann's line about Australia leading the world in planned networks is a quote, not an audit.
Where it meets a Cat Cruisers
I build trailerable electric boats on the Gold Coast. We charge from shore power and use the boat for camping. There is no Vessev partnership, and I am not pricing a hydrofoil against anything we do.
A city ferry on foils is a quiet commuter idea. A trailer boat is a different brief: you tow it, you plug it in, you camp. I will read the order book with interest. I will not pretend their VS-9 range is a number I can use.
catcruisers.com.au · 0426 531 750
Sources
1. Joshua S. Hill, The Driven, "Electric hydrofoiling boat maker raises $27 million to meet strong demand from Australian cities", 27 August 2026. https://thedriven.io/2026/08/27/electric-hydrofoiling-boat-maker-raises-27-million-to-meet-strong-demand-from-australian-cities/ (accessed 30 September 2026).