TCab Tech Raises $20 Million for Flying Taxi

30.03.2024 - 13:07 / skift.com / Justin Dawes / Morgan Stanley

Flying taxis raised hundreds of millions of dollars last year, and they’re continuing to raise money in 2024. Some are further along in development than others, but the one featured this week has already begun testing.

Four travel tech startups announced fundraises over the last week totaling nearly $86 million.

TCab Tech, which is testing the flying taxi it developed, has raised $20 million as part of its series A round. 

The $20 million comes from a “strategic investment fund” that plans to introduce the aircraft in the Middle East. 

The TCab aircraft, considered an electric vertical take-off and landing aircraft (eVTOL), has five seats and a cruising speed of 162 miles (260 kilometers) per hour. It is designed to fly for a maximum of 124 miles (200 kilometers) for each trip. 

The company took the aircraft on its first test flight last November.

China-based TCab aims to sell the product in areas that could use flying taxis for sightseeing and inter-city travel, mostly targeting fast-growing regions in China, the Middle East, Southeast Asia, and more.

The funding will go toward accelerating development, certification, and commercialization. 

Blueground, an operator of furnished rentals, has raised $45 million in series D funding. 

Investors included Susquehanna Private Equity Investments, WestCap, and others. 

Blueground said it also secured debt from Barclays with participation from Morgan Stanley, Deutsche Bank, and HSBC. The debt replaces a $40 million prior loan with Silicon Valley Bank. 

The company has now raised more than $240 million in equity.

New York City-based Blueground operates 15,000 furnished rentals in 32 cities for stays of at least 30 days. Clients include individuals and more than 4,000 companies. 

Blueground’s tech platform allows clients to digitally view and book apartments online and communicate with the operator during their stay.

The company said it signed five franchise agreements in the last six months. They include plans for operations in Japan in partnership with Mitsubishi Real Estate Company, as well as in Thailand with Chic Republic Public Company Limited.

Blueground said it generated $560 million in revenue in 2023, a 70% increase from 2022. The company said it is on track to generate $1 billion in revenue within the next two years.

The new capital will go toward developing the company’s technology and accelerating growth. 

Ember has raised $13.9 million (£11 million) in series A funding to build out its fleet of electric buses for inter-city travel.

The funding was co-led by Inven Capital, AENU, and 2150, with support from Pale Blue Dot and SkyScanner co-founder Gareth Williams.

Ember has 24 vehicles serving 20 towns in Scotland that are underserved by public