Detroit, USA-based subsidiary of Sharrow Engineering LLC, a leading manufacturer of revolutionary propellers for boats and ships, Sharrow Marine, completed USD 30+ million in a Series of financing. The financing is a combination of debt and equity. The round took place on June 20, 2023.
The family offices of John H. McFadden, Esq. and David Dolby, director of Dolby Laboratories and CEO of Dolby Family Ventures, led the financing for the company.
Purpose of financing for Sharrow Marine
With the latest capital injection, the company plans to further fuel its growth plans. It also seeks to continue developing innovative propeller technology for the marine and aeronautical industries.
What the company’s official has to comment
Greg Sharrow, CEO of Sharrow Engineering, said, “We are thrilled to have secured financing from McFadden and Dolby, distinguished investors with a remarkable track record of supporting innovative companies and technologies. This funding empowers Sharrow to further invest in our technology, and manufacturing capacity, expand our sales and marketing efforts, and ultimately, deliver unparalleled propeller solutions to our valued customers. With this support, we’re positioned to complete significant licensing arrangements to further penetrate new and existing markets.”
What the investors have to add
John McFadden, one of the lead investors, further said, “We are excited to partner with Sharrow Marine and support their mission of creating more sustainable and efficient propulsion systems for boats and ships. We believe in the team’s vision and are confident in their ability to drive innovation in the marine industry.”
In addition, David Dolby said, “Sharrow Marine is making significant strides in the market, further securing partnerships with leading marine manufacturers and operators. The funding enables the company to expand its manufacturing capacity and accelerate its growth trajectory.”
About the company
Greg Sharrow is the CEO of the company launched in 2012. Sharrow Engineering is the parent company for Sharrow Marine, LLC, and Sharrow Commercial Marine, LLC. Sharrow Engineering is a nautical and aeronautical engineering company. The company operates the research and development of revolutionary high-performance propulsion technologies for the maritime and aeronautical industries. It boasts a team of the world’s top aeronautical, nautical, aerospace, and mechanical engineers. The company’s core mission is to reinvent the methodologies and technologies used for propulsion in the 21st century.
Sharrow Marine’s flagship product, the Sharrow MX™ Propeller, won the coveted NMMA® Innovation Awards at the 2020 Miami International Boat Show. The Sharrow Propeller™ is currently available for all major outboard manufacturers, such as Yamaha, Mercury, Honda, Evinrude, Suzuki, Johnson, Nissan, OXE, and COX.
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