We are excited to announce that our portfolio startup, Boom Supersonic is now a Unicorn with the latest $50M funding which sets its valuation to above $1 Billion. Last year, Boom raised $100M in Series B and including this $50M, the total funding amount of Boom is now raised to $210M.
Funding round was led by Michael Marks from WRVI Capital (Update: WRVI Capital is now Celesta Capital) however series of the funding round is unknown.
“Our goal is to make high-speed jets the cheapest option out there,” Chief Executive Officer Blake Scholl said. Much as Tesla Inc. started with luxury automobiles and eventually produced vehicles with price points middle-class consumers could afford, Boom plans to start with fares roughly equal to business class before bringing them down to economy-class levels.
Don’t make travel plans just yet. The plane is still in the design phase, with a scaled-down prototype scheduled to fly next year. Boom plans to break ground on a factory for full-scaled aircraft in 2022. If it can stick to its schedule, it could start a test flights for its first commercial plane by 2026. All that will require more funding, Scholl said.
Still, carriers including Japan Airlines have already placed preorders for the jets, which will be able to fly twice as fast as existing commercial aircraft.
Please read full story at Bloomberg.