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Investors sought to help build flying cars

Posting in Transportation
Can crowdfunding help make flying cars a reality?

Massachusetts-based firm Terrafugia believes so. It may seem like something out of the Jetsons, but the company is building a "roadable aircraft" -- otherwise known as a flying car. 

While such an idea may spark the fantasies of the average consumer, it is investors that must be swayed -- and so Terrafugia has turned to crowdfunding platform Wefunder to make the vehicle a commercial reality. 

After being founded in 2007, Terrafugia has managed to build and fly two prototypes after securing roughly $10 million in funding. However, in order to finish the design and manufacture of flying car no.3, the company has turned to a platform designed for the professional investor, offering converted stock notes in return for capital.
    
In the air, the Transition cruises at 100mph, has 20mpg mileage and a 400 mile range. On the road, the plane/car hybrid can hit 35mpg, and its 23 gallon tank gives it a range of 800 miles. Under official classifications, the Transition is considered a "multipurpose passenger vehicle" suitable for occasional off-road use. 

A model can be reserved for a bargain basement price of $10,000, and while you can become a sports pilot in less than 20 hours, training is also available to help experienced pilots understand the controls. The company has managed to secure over $30 million in pre-orders for a flying car, and the campaign has secured $10,419,100 in funding out of a $500,000 goal. 

Via: Wired

— By on November 19, 2013, 12:49 AM PST

Charlie Osborne

Contributing Editor

Charlie Osborne is a freelance journalist and photographer based in London. In addition to SmartPlanet, she also writes for business technology website ZDNet and consumer technology site CNET. She holds a degree in medical anthropology from the University of Kent. Follow her on Twitter. Disclosure