MobyFly, a startup incubated at UPTEC – Science and Technology Park of the University of Porto, has raised €10.8 million in a Series A funding round to accelerate the commercialisation of electric boats.

Founded in 2020 in Switzerland by Sue Putallaz, Anders Bringdal and Portuguese Ricardo Bencatel, MobyFly, a U.Porto spin-off, is developing high-performance electric boats with technology based on hydrofoils – wing-shaped structures capable of lifting a boat out of the water – which can carry hundreds of passengers at speeds exceeding 70 km/h. These boats consume up to 80% less energy than diesel vessels and reduce operating costs by around 60%, while eliminating waves, noise and polluting emissions.

For Ricardo Bencatel, Chief Technology Officer at MobyFly, the latest funding represents a decisive milestone: “This investment will enable MobyFly to scale up its operations, expand its engineering and R&D capabilities, accelerate the commercialisation of its zero-emission hydrofoil technology and reinforce its commitment to sustainable and profitable maritime transport”.

The immediate plans for the funds raised include “industrialising and certifying the technology, continuing to evolve the hydrofoil systems and driving the company’s entry into new international markets”, explains Bencatel.

MobyFly has set ambitious goals for the next two years: by 2025, the company intends to launch pre-series production of the MBFY-S model, capable of carrying up to 20 passengers. By 2026, they hope to achieve their biggest goal: “to launch the first production model in the summer and sell several units for passenger transport by the end of the year”, reveals the Portuguese co-founder.

The investment, worth 10.1 Swiss francs, was led by Fonds Révolution Environnementale et Solidaire, financed by the social dividend of Crédit Mutuel Alliance Fédérale and managed by Crédit Mutuel Impact, with the participation of private investors and institutional partners.

25 September 2025