Urban Aeronautics is working to establish a partnership with an undisclosed company in the United Arab Emirates (UAE) that could lead to manufacturing and financial support for the Israeli start-up’s CityHawk VTOL aircraft. The deal was outlined in a letter to prospective investors from the Besadno Group that offered the opportunity to participate in a $3.95 million funding round as part of a wider $50 million Series A round for Urban Aeronautics, in which the Israeli-American investment group is already a leading shareholder.
The February 7 letter came from Isaac Koren, chief operating officer of the U.S. office for InvestiNation, which Besadno describes as its equity crowd-funding platform for Israeli start-ups. It said that Urban Aeronautics is in late-stage negotiations with a UAE firm that makes parts for Airbus and Boeing “to open a fully funded manufacturing complex in the UAE which will manufacture and finance the production of future Urban Aeronautics VTOL aircraft.”
