Heart Aerospace announced on February 1, 2024, that it has closed a $107 million Series B founding round.
This fresh capital injection will bring the total raised by the Swedish startup to a total of $145 million.
Danish early-stage technology investment firm Sagitta Ventures joins a roster of existing investors renewing their commitment to the Heart Aerospace project by investing in this new round. These include prominent names in both the aviation industry, such as Air Canada and United Airlines and the technology and sustainability scenes, like Breakthrough Energy Ventures, EQT Ventures, Lowercarbon Capital, Norrsken VC and Silicon Valley’s famous technology startup incubator Y Combinator.
The funds will mostly be used to continue the development of the ES-30 aircraft, a hybrid-electric aircraft capable of carrying up to 30 passengers on distances of between 200 km (if flying on electric propulsion only) and 800 km (with hybrid-electric propulsion and a reduced payload).
The ES-30, which is an iteration of an earlier all-electric 19-seater concept, is expected to be certified by 2028.