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Beta Technologies has secured another $375 million to advance development of its electric vertical take-off and landing aircraft, suggesting that private investors still see considerable promise in eVTOL technology, even as the stock market has soured on it.
TPG Rise Climate and Fidelity Management and Research Company led the Series B round. Fidelity also led the $368 million Series A round announced last May, which was joined by Amazon’s Climate Pledge Fund.
Read: Embraer SPAC deal reflects changed funding landscape for eVTOL developers
To date, Vermont-based Beta has raised a total of $796 million, becoming one of the best capitalized players in the emerging eVTOL market while managing to remain private. Thanks to mergers with special purpose acquisition companies last year, Joby Aviation, Lilium and Archer Aviation have all raised more than Beta, but must now contend with the pressures and reporting requirements of being publicly listed companies.
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