Beta Technologies, a Burlington, Vermont-based electric aviation company, announced the close of a $375 million Series B funding round on Wednesday, bringing total venture funding for the maker of electric vertical takeoff and landing aircraft (eVTOL) to nearly $800 million.

Why it matters: Beta aims to achieve FAA certification by 2024 and transform the short-range cargo delivery market, from transporting organs to patients to making last-mile and regional cargo deliveries.

The big picture: The funding, led by TPG Rise Climate and Fidelity Management & Research Company, will allow Beta to continue to hone its technology.

By the numbers: UPS has ordered 10 aircraft with an option for 140 more. It has also reserved the right to buy Beta's charging stations and sees eVTOL as a way to improve service to smaller markets while reducing its emissions.

Yes, but: The company has competition in the eVTOL space, several of which went public for financing. These include Lilium Air Mobility, Joby Aviation and Archer Aviation.

Our thought bubble, from Axios transportation correspondent Joann Muller: It's easy to see how electric cargo planes with vertical takeoff and landing capabilities could help companies like FedEx, Amazon and Walmart shuttle goods among warehouses more safely and efficiently.

Editor's note: This article has been updated to clarify that Beta Technologies stands out for relying on institutional investors and VC funding.