The E1 World Championship in electric powerboat racing is looking for 20 million euros (about $23,55 million) to help fund its growth. This series has already been backed by many of the biggest names in sports and entertainment.

The team owners include Will Smith, Rafa Nadal and NBA star LeBron James. They also include Tom Brady, the seven-time NFL Super Bowl winner, Indian cricketer Virat Kohli, and Didier Drogba, a former footballer.

Rodi Basso, the chief executive of the series, told reporters that it hoped to expand to 15 races and 12 teams from seven at present, as well as adding new venues in Asia and South America. The series also aims to reach a valuation of 500 million pounds ($685.35 millions) by 2030.

He was not able to give a current value.

Rothschild and Co. is our advisor and focal point. "They have pitched our championship so far to about 50 family offices VCs (venture capital) who are interested in sports," stated Basso.

We have had about 20 pitches for management, and I believe five of them are already in the second round. By the Monaco race on 19 July, it is hoped that we will have a better idea of who is really interested.

Basso stated that the Saudi Public Investment Fund, investors in Formula E and Extreme H as part of a project called Electric 360, wanted to keep their stake but not increase.

He explained, "They recognized that bringing in a new strategic stakeholder could help the business grow even more."

"There is a lot interest from the U.S., and 75% the leisure boating industry comes from the U.S., and we have Tom Brady Will Smith Marc Anthony Steve Aoki LeBron James. We must expand and explode our business in the U.S.

"So, if we can get a strategic investor from there, it would be very helpful."

E1 holds a 25-year license from the global powerboating governing body Union Internationale Motonautique. It aims to promote innovation and sustainable marine technology, as well as coastal conservation.

Basso stated that the new investment will fund a second boat set to be kept at Singapore or Miami in order to minimize freight between races, and to allow for sustainable expansion into the Far East and Americas.

RaceBird boats are a combination of foil technology and advanced electric propulsion. They can reach speeds up to 93kph (50 knots) with crews consisting of both male and female pilots.

The team owners pay E1 a fee of two million pounds, which can be recouped through sponsorship. They also pay an operational fee.

Five to ten people can be in a team.

On Wednesday, the boats will be seen for the first in a morning show on London's River Thames. Next up is Monaco, then Lagos and Miami.

(source: Reuters)