Volocopter has increased its Series C Funding to €87 million, thanks to an investment from global logistics service provider DB Schenker.
This latest round includes new investment from Mitsui Sumitomo Insurance Group, MS&AD Ventures and TransLink Capital, with existing investor Lukasz Gadowski and btov also participating.
Volocopter will use the funding to hire more industry experts and secure certification of the VoloCity, its electric vertical take-off and landing (eVTOL) air taxi designed to transport people, and a second-generation version of its VoloDrone, to commercialise the heavy-lift cargo drone product.
Florian Reuter, CEO of Volocopter, said: “The new shareholder structure strengthens our global network of strategic and financial partners significantly. Bringing urban air mobility to life for passengers and goods is a great ambition and with our new partners we bring the expertise and necessary long-term funds on board to make this innovative form of mobility a reality.”
As part of this latest investment, Volocopter has appointed Yifan “Frank” Li, Vice President of Geely Holding Group and Jochen Thewes, CEO of DB Schenker, to its Advisory Board.
The German urban air mobility provider is also bringing on two Independent Advisory Board Members with extensive industry expertise: former CEO of Daimler AG Dr. Dieter Zetsche, as well as the founder of CAS Software AG, Martin Hubschneider.
Mr Thewes said: “We are convinced that the Volocopter technology has the potential to bring transport logistics to the next dimension for our customers. DB Schenker has already tested autonomous and electrical vehicles in several innovation projects and in actual operations.
“By integrating the VoloDrone into our supply chain of the future, we will be able to serve our clients’ demand for fast, remote, emission-neutral deliveries. We are thrilled to now be part of this drive for innovation in a fantastic team.”
Volocopter has recently championed several public flights across the world, at Helsinki Airport, in Stuttgart, Germany, and over Singapore’s Marina Bay. As the first eVTOL company to receive Design Organisation Approval by the European Aviation Safety Authority, Volocopter is already pursuing commercial certification and expects the first commercial routes to be opened as early as 2024.