Aircraft Startup Beta Raises $375 Million For Electric Cargo Copter, Charging Business

, said it raised a further $375 million to prepare to build a fleet of cargo-delivery copters and the charging network they’ll need to keep them powered up.

The South Burlington, Vermont-based company said the Series B round was led by TPG’s Rise Climate fund and Fidelity and boosts its valuation to $2.4 billion. Beta has raised about $800 million as it works to get its nonpolluting Alia eVTOL craft approval by the Federal Aviation Administration. “This support allows us to complete the construction of our production facilities and accelerate our certification work to create a greener and more efficient future for all applications of aviation, starting with cargo and logistics and moving to passenger missions immediately thereafter,” said Kyle Clark, Beta’s founder and CEO, in a statement.

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