Beta becomes latest electric vertical aircraft unicorn with Amazon's Climate Fund, Fidelity backing

Beta Technologies on Tuesday announced a $368 million funding round led by Fidelity and Amazon's Climate Fund, valuing the electric vertical aircraft start-up at $1.4 billion.

"These are top tier investors. It's awesome to have the validation," Beta founder and CEO Kyle Clark told CNBC, speaking of breaking the so-called unicorn status of $1 billion. He added he envisions a future where Beta EVAs are used for Amazon Prime delivery.

"The Climate Pledge Fund is set up to allow technologies like ours to mature into the goals of Amazon," Clark said. "There's sustainable solutions in buildings and obviously in ground-based vehicles, but aviation doesn't have a solution."

"We support Beta Technologies' mission to reshape air transportation through zero-emission aviation." Kara Hurst, vice president and head of worldwide sustainability at Amazon, said in a press release announcing the funding round. "The development of sustainable and decarbonizing technologies will help facilitate the transition to a low-carbon economy and protect the planet for future generations."

EVAs also known as eVTOLS — electric vertical takeoff and landing aircraft — can take off like a helicopter and fly like a plane.

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