Archer Aviation Raises $430 Million for Flying Taxis: Startup Funding Roundup
Photo Credit: Pictured: Flying taxi designed by Archer Aviation. Archer Aviation
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Archer Aviation has raised $660 million this year alone, while competitor Lilium is going through bankruptcy proceedings after burning through $1 billion. It takes a lot of money to get new planes into the sky.
Travel Startup Funding This Week
Each week we round up travel startups that have recently received or announced funding. Please email Travel Tech Reporter Justin Dawes at jd@skift.com if you have funding news.Flying taxi startups have been raising a lot of money this year.
Archer Aviation is on the list this week for another $430 million, making its total $660 million this year. The company's latest fundraise was the second-largest this year for an electric aircraft startup. The largest was $500 million for Joby Aviation in October.
Meanwhile, competitor Lilium is in the middle of bankruptcy proceedings after burning through $1 billion — an unfortunate example of how capital intensive it is to get a new aircraft into the sky.
In total, eight travel startups raised over $570 million in funding over the past two weeks.
Archer Aviation: $430 MillionArcher Aviation, which is developing a flying taxi for urban use, has raised $430 million.
Investors included Stellantis, United Airlines, Wellington Management, and Abu Dhabi investment holding company 2PointZero, a subsidiary of UAE’S largest public company, IHC.
