BETA Technologies raises $300m to fund growth
BETA Technologies, the US-based electric aerospace company, has secured $318 million in Series C funding, led by Qatar Investment Authority (QIA).
This new funding will drive the ongoing production, certification, and commercialisation of BETA’s all-electric ALIA aircraft, the company said.
At the core of BETA’s vision are its all-electric aircraft. BETA is working with the FAA to certify two ALIA aircraft variants: the ALIA CTOL, a conventional runway-takeoff model, and the ALIA VTOL, which takes off and lands vertically without the need for a runway.
Both aircraft feature shared structural elements, advanced electric propulsion, and fly-by-wire flight control systems. BETA plans to certify both cargo and passenger versions of each model.
Existing investors, including Fidelity Management & Research Company and TPG Rise Climate, increased their stakes in the company, while longtime customer United Therapeutics joined the round as a new investor.
The funding round, which saw strong interest and was oversubscribed, raised BETA’s valuation significantly. With this latest round, BETA’s total equity capital raised now exceeds $1 billion.
“This investment validates progress and milestones toward commercialising electric aviation,” said Kyle Clark, BETA’s Founder and CEO.
““For years, we’ve flown across the country and deployed with partners to prove the safety and reliability of our aircraft and chargers. Now, we’re beginning to produce products for our customers. This continued belief and trust in this team and our vision will be good for the investors and good for the world. We are grateful for their shared vision.”
“At QIA, we seek out companies that are well-positioned to become category leaders by addressing critical challenges with innovative solutions,” said Mohammed Al-Sowaidi, Chief Investment Officer for Americas at QIA.
“BETA is a leader in the electric aviation market and our participation in this funding round is fully aligned with QIA’s efforts to invest in the companies that are making the energy transition a reality.”
