Beta has raised a further $318 million in Series C equity capital. The Qatar Investment Authority (QIA) took on the lion’s share of the investment, although Beta’s larger investors, notably Fidelity Management & Research Company and TPG Rise Climate, also increased their holdings in BETA. Long-time customer United Therapeutics has also joined this round as an investor. The financing round was priced at an increased valuation relative to prior equity capital raises, and the company said it was “meaningfully oversubscribed”. To date, BETA has raised more than $1 billion in equity capital.
“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,” added 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.”
Photo: Beta Technologies
