In the second signing of its Series E financing round, Bruchsal, Germany-based urban air mobility company Volocopter has raised an additional $182 million. While previous funding rounds have been aimed at assisting in the certification process, according to the company, this capital “will carry the company beyond the certification of its electric passenger aircraft, the VoloCity air taxi.” Since 2013, Volocopter has now raised $780.6 million.
The additional funding is provided by NEOM, the Red Sea’s smart, cognitive region project and GLy Capital Management of Hong Kong. Investors in the first signing of the Series E round include btov Partners, Honeywell, Atlantia, WP Investment, and Whysol Investments.
“Attracting NEOM And GLy as investors is a great success and highlights our pole position in the commercial certification race. This is the key requirement to launching commercial operations and starting to generate revenue,” said Dirk Hoke, CEO of Volocopter.
When Hoke assumed the reigns at Volocopter in March of this year, the company leaned hard into delivering on its promise of launching its services in time for the 2024 Paris Olympics, an event commencing some 20 months from today.
According to Volocopter, this second signing does not in fact signal a close of the Series E round, indicating that the company is seeking further capital to deliver on a number of deadlines and partnership agreements.
“We strongly believe in the potential for urban air mobility to provide a new dimension to future integrated transport systems,” commented NEOM’s Florian Lennert. |Building on our successful collaboration with Volocopter, we are excited to strengthen our partnership and to make a strategic investment in the future of mobility. We believe Volocopter is the best partner to build an advanced air mobility ecosystem in Neom. We look forward to realising this exciting mission jointly with Volocopter and its global partners.”