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.