Sharrow Marine Scores $30 Million in New Financing
This week Sharrow Marine, a subsidiary of Sharrow Engineering, announced the successful completion of a $30+ million series of debt and equity financings. Prominent among the new stakeholders, is David Dolby, director of Dolby Labs.
Dolby’s fortune was built on noise-suppression technology, which dovetails with the Sharrow props’ significant outboard poise reduction and enhancement of the boating experience.
Sharrow Marine, a subsidiary of Sharrow Engineering LLC, a leading manufacturer of revolutionary propellers for boats and ships, announced today the successful completion of a $30+ million series of debt and equity financings. This milestone was led by the family offices of John H. McFadden, Esq. and David Dolby, director of Dolby Laboratories and CEO of Dolby Family Ventures.
The company plans to use the funds to accelerate its growth plans and to continue developing innovative propeller technology for the marine and aeronautical industries.
Backing Cutting-Edge Technologies
"We are thrilled to have secured financing from McFadden and Dolby, distinguished investors with a remarkable track record of supporting innovative companies and technologies," said Greg Sharrow, CEO of Sharrow Engineering.
"This funding empowers Sharrow to further invest in our technology, 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."
The Sharrow Prop Works on All Outboard Engines
The Sharrow Propeller™, a revolutionary patented technology, has garnered widespread attention for its innovative design, offering some of the most significant fuel efficiency and performance improvements the boating industry has ever seen. Sharrow Marine’s achievements were recognized at the 2020 Miami International Boat Show, where the company’s flagship product, the Sharrow MX™ Propeller, won the coveted NMMA® Innovation Awards.
The Sharrow Propeller™ is currently available for all major outboard manufacturers: Yamaha, Mercury, Honda, Evinrude, Suzuki, Johnson, Nissan, OXE, and COX.
"We are excited to partner with Sharrow Marine and support their mission of creating more sustainable and efficient propulsion systems for boats and ships," said John McFadden. "We believe in the team's vision and are confident in their ability to drive innovation in the marine industry."
“Sharrow Marine has already made significant strides in the market, having secured partnerships with leading marine manufacturers and operators, “ said David Dolby. “The funding enables the company to expand its manufacturing capacity and accelerate its growth trajectory.”
About Sharrow Engineering
Sharrow Engineering, LLC, is a nautical and aeronautical engineering company dedicated to the research and development of revolutionary high-performance propulsion technologies for the maritime and aeronautical industries. Sharrow Engineering is the parent company for Sharrow Marine, LLC, and SharrowCommercial Marine, LLC. Company offices are headquartered in Detroit, MI.
Sharrow Engineering, LLC, has assembled a team of the world’s top aeronautical, nautical, aerospace, and mechanical engineers to assist with the company’s core mission to reinvent the methodologies and technologies used for propulsion in the 21st century.
To learn more about Sharrow Engineering and its innovative products, go to www.sharrowmarine.com
About Dolby Labs Dolby Labs was founded by Ray Dolby (1933–2013) in London, England, in 1965. In the same year, he invented the Dolby Noise Reduction system, a form of audio signal processing for reducing the background hissing sound on cassette tape recordings.
His first U.S. patent on the technology was filed in 1969, four years later. The method was first used by Decca Records in the UK. After this, other companies began purchasing Dolby’s A301 technology, which was the professional noise reduction system used in recording, motion picture, broadcasting stations and communications networks.
These companies include BBC, Pye, IBC, CBS Studios, RCA, and Granada. In 1971 the company’s technology began to be used in the commercial film industry, where the Dolby brand became know to the greater public.