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Friday Fundings: HT Aero, Gorillas, and Candy Digital

Flying EV Startup Raises $500 Million in Funding Round

HT Aero, a Chinese flying electric vehicle maker, raised over $500 million in venture funding. The Series A round was led by IDC Capital, SY Capital, and XPeng (XPEV). Other investors to participate in the venture round included Sequoia China (SEQUX), Eastern Bell Capital, GGV Capital, GL Ventures, and Yunfeng Capital. The more than $500 million is the largest amount raised in a single round by a maker of low-altitude flying vehicles.

The funding is going toward research & development, and to launch a new model which can operate both in the air and on the road. The goal is to roll out the new vehicle in 2024. HT Aero is an affiliate of Xpeng, an electric vehicle startup in China.

Delivery Startup Rakes in $1 Billion

Gorillas, an online grocery startup, raised $1 billion in a round of venture funding. The round included a $235 million investment from German food delivery startup Delivery Hero (DLVHF). In exchange, Delivery Hero now has an 8% stake in Gorillas. Other investors in the funding round include Tencent (TCEHY), Coatue, DST (DST), and Dragoneer (DGNU).

Gorillas, which delivers groceries in as little as 10 minutes, launched in May of 2020. Its growth has surged during the pandemic, but it is operating in a crowded space. Gorillas is now valued at $3.1 billion. Earlier this year it had been seeking a valuation of $6 billion.

Sports-Focused NFT Company Raises $100 Million

Candy Digital, a nonfungible token company owned by Fanatics, raised $100 million in a Series A round. The fundraising included investments from SoftBank’s Vision Fund 2, Insight Partners, and Hall of Fame quarterback Peyton Manning. Candy Digital is now valued at $1.5 billion.

Candy Digital came online in June during the boom in sports-related NFTs. Sports leagues find NFTs appealing because each has a unique certificate of authenticity that cannot be hacked. Candy Digital plans to use the proceeds to scale its business, hire more staff, and roll out a beta of its platform which will run on the Ethereum blockchain.

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ABOUT Meg Richardson Meg Richardson is a writer specializing in markets, technology, and personal finance. She loves breaking down seemingly complex ideas and making them readable and interesting for everyone. She holds an MFA in writing from Columbia University. When she is not writing about finance, she enjoys running in Central Park and drawing cartoons.

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