PteroDynamics Raises $7.5 Million for Aircraft With Folding Wings

Three travel tech startups raised $13.3 million in venture capital this week.

>>PteroDynamics, a startup that designs and manufactures vertical take-off and landing (VTOL) aircraft, has raised $7.5 million in seed funding. It was co-led by existing investor Kairos Ventures and new investors Lavrock Ventures and CS Venture Opportunities Fund.

PteroDynamics said its plane, called Transwing, folds and unfolds its wings during flight to achieve different wing configurations, resulting in a smaller footprint and more efficient performance than size and weight planes. similar. This is essential for everything from drone delivery to air taxis with many government, defense, industrial and commercial applications.

The Colorado-based company has won contracts to supply three Transwing aircraft to the US Navy, complete projects for the US Air Force, and supply several aircraft for test and evaluation to various US defense contractors.

“Our goal is clear: we want to be the established leader in VTOL aircraft for long-range, long-endurance missions in the defense and commercial sectors. This investment will accelerate our ability to achieve this goal,” said Matthew Graczyk, CEO of PteroDynamics, in a statement.

The capital will be used to develop larger variants of Transwing aircraft, to hire and secure more contracts. The company plans to adapt the aircraft for additional government purposes and the commercial sector.

>>Apocalypse, a hospitality tech startup, has raised an extension to its Series A funding, bringing the total to $9.5 million (€9 million). The company had raised $5.3m (€4.5m) in Series A funding in March 2021.

Rockaway Ventures and Serpentine Ventures led the round, with participation from returning investors Redalpine and Force Over Mass Capital and several industry angel investors.

The Germany-based startup’s platform streamlines operations for hotels and serviced apartments. The platform works with an open application programming interface (API), which means that its products can be easily connected to other platforms.

Clients include Numa, Mollie’s by Soho House, Mk Hotels, Zetter Hotels, Limehome, SV Group, HR Group, Vagabond Club and Lindemann Hotels.

Apaleo said it increased its annual recurring revenue by 100% in 2022 compared to the previous year.

Germany as well as its pursuit of internationalization across Europe

The funding will be used to further develop the product and expand throughout Germany and Europe.

“As a long-term investor in online travel in Europe, we really appreciate how well Apaleo responds to current hospitality trends and the changing demands of the modern customer. We believe Apaleo has the potential to become a significant player in the global hotel technology ecosystem,” Andrea Lauren, general partner at Rockaway Ventures, said in a statement.

>>The path of travela group travel marketplace for women, raised $1.1 million in pre-seed funding led by Slauson & Co. with participation from Trip Ventures.

Angel investors included Joe Zadeh, former vice president of experiences at Airbnb, and Kinjil Mathur, chief marketing officer of Squarespace.

Disclosure: Rafat Ali, founder and CEO of Skift, was also an angel investor in the pre-seed round.

The Washington, DC-based startup runs multi-day tour packages to 12 countries with an average order value of $3,400. The startup also offers a $99 annual subscription to access travel recommendations, travel guides, a travel forum, and a traveler social network.

“In a world full of fashion, beauty and health brands that cater to women’s needs and priorities, travel has yet to follow,” said Katalina Mayorga, CEO and co-founder of El Camino, in a press release. “We are laser-focused on providing them with the premier, high-quality, trusted experiential marketplace that always keeps them top of mind as a customer and makes it easier to book completely unique travel experiences they couldn’t find. by themselves.”

El Camino said it has generated “millions of revenue” since its inception in 2014. Revenue grew 172% between 2021 and 2022, the startup said.

The funding will go towards technology platform development, inventory expansion and marketing.

Business Arrange Carry out Increase
PteroDynamics Seed Kairos Ventures, Lavrock Ventures, CS Venture Opportunities Fund $7.5 million
Apocalypse A-Series Rockaway Ventures and Serpentine Ventures $4.7 million
The path of travel Pre-boot Slauson & Co. $1.1 million

Skift Cheat Sheet

Seed capital is the money used to start a business, often led by angel investors and friends or family.

A-Series funding usually comes from venture capitalists. The cycle aims to help startup founders ensure that their product is something customers actually want to buy.

B-series funding is mostly for venture capitalists that help a business grow faster. These fundraisers can help recruit skilled workers and develop profitable marketing.

C-Series financing generally consists of helping a company to grow, for example through acquisitions. In addition to VCs, hedge funds, investment banks, and private equity firms often participate.

Series D, E and beyond These mostly mature companies and the funding cycle can help a company prepare to go public or be acquired. Various types of private investors could participate.

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