The round was led by regional development fund Normandie Participations.
Iguana Yachts, the French company founded in 2008 has confirmed its latest funding round where it raised over €2 million led by regional development fund Normandie Participations, as well as individual investments from a number of business angels.
Started in 2008 by Antoine Brugidou, Iguana's aim is to create and commercialize a boat that could drive onto beaches from the sea whilst still looking sleek. Inspired by the high tides of Normandie where the company is based, the first Iguana to be built was a 24ft in 2011.
This first milestone was able to secure the startup a first round of seed funding from a network of French business angels. In 2013, Iguana found its first client, selling one of its boats to Bahrain, which then led to a new funding round of €1,2 million from the same network.
In this new €2 million funding round, Iguana's existing investors are joined by French entrepreneurs Pierre Kosciusko-Morizet, Pierre-Noël Luiggi and Dan Vogel. "For me the boat is just out of this world" commented Luiggi, president of Oscaro, "it really changes your relationship with the sea".
Reaching up to 40 knots at sea as their land gear retracts back into the hull, Iguana boats are able to move at a speed of up to 7 km/h on land thanks to their continuous track system. "Iguana has pioneered and developed a modern and elegant amphibious boat," summarized tech entrepreneur, Dan Vogel.