Swedish electric passenger boat startup Candela has secured an additional $14 million in funding, bringing its total Series C round to $40 million. The company also announced its first sale in the US, with a ferry bound for Lake Tahoe.

Candela's innovative all-electric hydrofoiling watercraft reduces water resistance, increasing range and providing a smoother ride. The company has already deployed its P-12 ferries in Stockholm and has deals in place for New Zealand, Saudi Arabia, and Berlin.

The new funding, led by SEB Private Equity with participation from existing investors EQT Ventures and KanDela AB, will be used to scale up production of the P-12 ferry in Stockholm. Candela has already built 100 vessels, including its smaller C-7 and C-8 speedboats. The company's growth comes as the electric boat market heats up, with competitors like Zin and Navier also making moves in the space.