Flying-taxi startup Skyports wins funding from ST Engineering

·1-min read
Aerospace company ST Engineering is the final investor in a Series B capital raise and takes the latest round of fundraising to US$26.1 million, Skyports said
Skyports Ltd., which builds takeoff and landing sites for flying taxis, drew investment from Singapore Technologies Engineering Ltd. (PHOTO: REUTERS/Feline Lim)

By Angus Whitley

(Bloomberg) — Skyports Ltd., which builds takeoff and landing sites for flying taxis, drew investment from Singapore Technologies Engineering Ltd. amid plans for a terminal in the city for airborne electric cabs.

Aerospace company ST Engineering is the final investor in a Series B capital raise and takes the latest round of fundraising to US$26.1 million, Skyports said Tuesday. The first Series B round in March raised US$23 million.

Interest in electric vertical take-off and landing vehicles, or eVTOLs, has grown in recent years, with airlines around the world ordering hundreds of them. Skyports said in April it expects to start operating its first eVTOL terminal in Singapore in 2024.

Read more: Singapore’s Tiny Second Airport Eyes Future as a Flying Taxi Hub

Skyports, which also provides drone services, said the “heavily oversubscribed” fundraising showed investors were confident in the UK company’s future.

© 2022 Bloomberg L.P.

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