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Dronamics Raises USD40 million in Pre-Series A Funding For Europe’s First Middle-Mile Drone Delivery

Dron­am­ics, “the world’s first car­go drone with a licence to oper­ate in Europe,” recent­ly announced it had raised USD40 mil­lion in pre-Series A fund­ing from ven­ture cap­i­tal funds and angel investors across 12 coun­tries, as the com­pa­ny approach­es its upcom­ing Series A round, reports a press release.

The invest­ment includes funds from Founders Fac­to­ry, Speed­in­vest, Eleven Cap­i­tal, and most recent­ly the Strate­gic Devel­op­ment Fund (SDF), an invest­ment arm of the Unit­ed Arab Emi­rates (UAE) Tawazun Coun­cil.

Svilen Rangelov, co-Founder and CEO at Dron­am­ics com­ment­ed, “The invest­ment is a strong val­i­da­tion of our goal to bring car­go drone deliv­ery to more peo­ple and busi­ness­es around the world. The con­fi­dence shown in Dron­am­ics con­firms the strength of our busi­ness mod­el.”

Mean­while, SDF ven­ture cap­i­tal division’s invest­ment is a step towards the cre­ation of a UAE-based joint ven­ture to increase Dron­am­ics capac­i­ty, while sup­port­ing the future estab­lish­ment of the company’s oper­a­tions in the Emi­rates and to become a pri­ma­ry hub for the Mid­dle East and North African region.

Svilen Rangelov

SDF through the estab­lish­ment of a man­u­fac­tur­ing and oper­a­tions joint ven­ture (JV), will become a pri­ma­ry Dron­am­ics part­ner via this addi­tion­al and sig­nif­i­cant invest­ment. Abdul­la Nas­er Al Jaabari, Man­ag­ing Direc­tor and CEO of SDF said, “We look at invest­ing in aero­space and mobil­i­ty com­pa­nies that can improve move­ment of humans and car­go autonomous­ly in a sus­tain­able and cost effec­tive man­ner.”

He con­tin­ued, “When it comes to Dron­am­ics, their eco­nom­ics are very promis­ing and poten­tial users would ben­e­fit from quick and effi­cient car­go deliv­er­ies. As one of its lat­est strate­gic investors, SDF will be work­ing close­ly to sup­port the ongo­ing growth of the com­pa­ny.”

The USD40 mil­lion is in addi­tion to the EUR2.5 mil­lion (USD2.7 mil­lion) grant Dron­am­ics was award­ed by the Euro­pean Com­mis­sion under the selec­tive deep-tech Euro­pean Inno­va­tion Coun­cil (EIC) Accel­er­a­tor pro­gram, and the EIC’s mate­r­i­al com­mit­ment to sup­port Dron­am­ics’ Series A round with anoth­er EUR12.5 mil­lion (USD13.45 mil­lion) in equi­ty invest­ment.

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(Top image: Dron­am­ics)

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