Volocopter elongates Series C funding to $94M with support from logistics giant DB Schenker and others
Self-governing air mobility business Volocopter has attached to the Series C funding round it declared in September 2019.
Details About The Investment
The German electrical vertical take-off and landing (eVTOL) aircraft producer published €50 million ($54 million at today’s market rate) in funding at the point, and the C round has presently developed to €87 million ($94 million) thanks to current lead investor DB Schenker, a German logistics firm with services all over the world.
This series further involves participation by Mitsui Sumitomo Insurance Group, as well as the investment arm of its origin MS&AD, along with TransLink Capital.
Current investors, involving Lukasz Gadowski and btov, also partook in this round expansion.
With this latest funding, Volocopter takes its total increased to about $132 million, and it states it will utilize the recently obtained funds to help verify its VoloCity aircraft, its air taxi eVTOL created to move people, which is on course to become the firm’s first-ever vehicle authorized for industrial operation.
Meantime, Volocopter will additionally use the increased funds to help extend the development of a next-generation repetition of its VoloDrone, which is the cargo-carrying variant of its aircraft.
It intends to utilize VoloDrone to increase its market to incorporate logistics, as well as architecture, city infrastructure and farming.
Other Ventures Adopted by Volocopter
Previously, Volocopter has developed alliances with companies including John Deere for navigators of its VoloDrone.
Still, it states that a second-generation variant of the vehicle will support it sell the drone.
On the VoloCity front, the company lately operated a display flight in Singapore.
It later declared they’d be operating with Grab on a probability learning about air taxi services for likely deployment over Southeast Asia in essential cities.
Beside this round expansion, Volocopter joins two consulting board members — Yifan Li from Geely Holding Group, which managed the initial tranche of this round concluded in September, and DB Schenker CEO, Jochen Thewes.
Both of these are essential decisive partners from investors who hold to help the company not only in times of funding but even in times of supply-side and commercialization.
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