Air Freight News

Flying taxi hub startup nears $25 million in fresh funding

Urban-Air Port, a U.K. startup that’s developing hubs for flying taxis, is closing in on 20 million pounds ($25.4 million) in funding after attracting two new equity investors.

Canadian services firm Dymond Group will invest in the infrastructure business while a European real-estate operator is also planning to back the company, founder and Executive Chairman Ricky Sandhu said in an interview Monday. Minority shareholder Hyundai bought a stake earlier this year.

Urban-Air Port has doubled its Series A fundraising goal from an initial 10 million pounds amid burgeoning interest in the sector. Manufacturers of electric vertical takeoff and landing craft, or flying taxis, are looking to enter service in the next few years.

Sundhu spoke after Urban-Air Port opened a facility in the center of Coventry, England, for three weeks of demonstration flights with a range of unmanned drones. The venue features a circular terminal with a check-in area, cafe and retail space, surrounding a pad which rises to roof height before takeoff.

Urban-Air Port aims to build 200 such hubs over the next five years and is currently engaged in 65 active programs around the world, Sandhu said.

The firm has letters of intent worth 50 million pounds plus 15 million pounds of pre-orders for a total of 13 flying-taxi bases, he said.



© Bloomberg
The author’s opinion are not necessarily the opinions of the American Journal of Transportation (AJOT).

Similar Stories

Aviation fintech pioneer Airblox launches new live stream function

Users of the Airblox marketplace can now access information on global air freight capacity in real time

View Article
Airforwarders Association calls on software providers for communication

Forwarders are ready to digitalize but need to better understand a demonstrated value proposition, Brandon Fried, Executive Director, Airforwarders Association (AfA) told delegates at the CNS Partnership Conference in Phoenix.

View Article
Chaotic Congress evacuation caused by miscommunication, FAA report shows

A detailed report on the April 20 emergency evacuation of the US Capitol raises new questions about poor communication at a command post designed to ensure security in the skies…

View Article
Qantas to raise fares and cut flights due to high fuel prices

Qantas Airways Ltd. is pushing up fares and making deeper cuts to scheduled flights in Australia to offset months of higher fuel costs.

View Article
IndiGo’s billionaire founder partners UPS for logistics venture
View Article
Qantas pilots warn safety risks loom as air travel rebounds

Qantas Airways Ltd.’s pilots union has warned of looming risks to flight safety -- from crew fatigue to looser landing rules in Australia -- as a travel rebound stretches an…

View Article