Friday, August 12, 2022

Flytrex Raises $40m to expand drone delivery

Drone delivery Startup Flytrex Inc. announced that it has raised a $40 million Series C round. This brings the total funding to $60 million for the Tel Aviv, Israel-based company. The Company said that it will use the funds to ramp up its expansion across the U.S. and advance partnerships with leading retailers and quick-service restaurants.

“On-demand drone delivery has skyrocketed since the pandemic began and is becoming much more mainstream, much faster than expected,” said Yariv Bash, co-founder and CEO of Flytrex. “We’re excited to continue working with the FAA, the North Carolina Department of Transportation, and others to bring swift, affordable, and sustainable on-demand drone delivery to more partners, communities, and consumers across the country.”

BRM Group led Flytrex’s Series C round, with participation from OurCrowd, Lukasz Gadowski, founder and chairman at Delivery Hero, and it includes existing investors Benhamou Global Ventures (BGV), btov, and BackBone Ventures.

Flytrex said its business-to-consumer service lets retailers and quick-service restaurants (QSRs) offer customers in suburban areas better costs, fast deliveries, and greater reach than ever before. The company said it uses commercial, aviation-grade drones and cloud systems to provide safe, swift, and sustainable services.

Flytrex’s funding round came after recent service expansions in the “First in Flight” state. The company began operating in September 2020, delivering groceries, household items, and restaurant orders to select customers in Fayetteville, N.C. Since then, it has expanded drone deliveries to the town of Raeford, N.C.

“We are committed to supporting companies that have the potential to change people’s lives for the better, and Flytrex’s impact on retailers and consumers alike fits that mission perfectly,” said Eran Barkat, partner at BRM Group. “Drones are playing a key role in revolutionizing last-mile delivery for communities around the world, and we are thrilled to support the Flytrex team as they take the future of food and household delivery to new heights.”

Since successfully launching the world’s first fully autonomous urban drone delivery system in Reykjavik, Iceland, in 2017, Flytrex said it has been helping advance regulatory efforts to facilitate drone deliveries.

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