Volocopter extends Series C funding to €87 million
Following a partnership with Asian super app Grab earlier this week, Volocopter announced today (21 February) that it is extending its Series C financing round to €87 million.
The funding round – led by DB Schneker – was first announced on 14 February at an initial sum of €20m according to Crunchbase. Joining DB Schneker as lenders on this extension are Mitsui Sumitomo Insurance Group and TransLink Capital.
The funding will be used to back the certification of Volocopter’s VoloCity eVTOL, as well as new hires and the development of a second Volodrone UAV for heavy-lift cargo operations.
“We are convinced that the Volocopter technology has the potential to bring transport logistics to the next dimension for our customers”, says Jochen Thewes, CEO of DB Schenker.
“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.”
According to Crunchbase figures, Volocopter has raised capital over five separate funding rounds, starting with an initial seed round of €1.2m. Daimler is the company’s most active investor, having led two separate funding rounds. In total, Volocopter has raised €122m.
Florian Reuter, CEO of Volocopter adds: “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.”
Volocopter is also strengthening its board with four new appointments in preparation of a future Initial Public Offering (IPO).
Yifan ‘Frank’ Li, vice president of Geely Holding Group and Jochen Thewes, CEO of DB Schenker have been appointed to Volocopter’s advisory board. Volocopter is also bringing on two new independent advisory board members: former CEO of Daimler AG Dr Dieter Zetsche and the founder of CAS Software AG, Martin Hubschneider.
Volocopter’s chairman Stefan Klocke comments: “We very much welcome the new members to our Advisory Board, in particular Dieter Zetsche and Martin Hubschneider.
“The board will support the management in the further strategic development of the company towards the global market leader in urban air mobility and in the preparations for a potential future IPO!”