Terrafugia Lands $2M
Terrafugia, a Woburn, MA-based company out to make the first practical flying car, has landed a $2 million equity offering from 20 investors, an SEC filing shows. CEO Carl Dietrich said the funding represents the company’s Series B round, and will go to developing the next generation of its flying car, which it will publicly discuss in late July. We covered Terrafugia in March when it held an event to update local stakeholders on its plans, and expressed the possibility of moving its production out to Kentucky, Ohio, or Michigan. Dietrich said today that the company is still exploring potential manufacturing locations, and that Massachusetts is not out of the running.