Drone delivery startup Zipline sees its valuation surge to $4.2 billion.

In a recent filing, drone delivery company Zipline disclosed a $330 million Series F financing round in April, which is notable in a market where few startups have managed to secure funding at such elevated valuations.

Based in South San Francisco, Zipline is raising the funds at a 55% increase from its previous $2.7 billion valuation two years prior.

The April 10 Delaware filing indicated a per-share price of $40.20, with a possible Series F-1 extension of up to $20 million that could be included, causing the total amount raised to fluctuate. No lead investor was mentioned or identified at the time of publication.

Zipline reportedly confirmed the new funding in a statement and plans to use the capital to expand operations, including launching a new home delivery service.

Past investors, such as Sequoia, Andreessen Horowitz, Katalyst Ventures, GV, Pactolus Ventures, Emerging Capital Partners, and Reinvent Capital, did not comment on the matter. The funding comes as Zipline unveils its new autonomous drone, the Platform 2, capable of carrying eight pounds of cargo over a 10-mile range. Sweetgreen, Michigan Medicine, and several other health systems have partnered with the company.

Zipline has found success through its focus on developing countries, with initial deployments in Rwanda in 2016 and expansion to Ghana, Cote d’Ivoire, Japan, Kenya, Nigeria, Arkansas, North Carolina, and Utah.

The drone delivery company received a waiver from the Federal Aviation Administration (FAA) in 2020 to use its drones for Covid-19 relief supplies, and began commercial deliveries in partnership with Walmart in 2021. However, large-scale U.S. operations are still contingent on FAA approval.

With the new funding, Zipline has raised over $900 million to date, according to data from startup tracker PitchBook.