Consortium backs Volocopter series-C extension

The round saw participation from new investors DB Schenker (the logistics arm of Deutsche Bahn), Mitsui Sumitomo Insurance Group, TransLink Capital and MS&AD Ventures (the venture capital arm of US-based insurance group MS&AD).

Existing investors Lukasz Gadowski and BtoV also participated in the round.

Following the round, Volocopter appointed Frank Li, vice-president of Geely Holding Group, and Jochen Thewes, CEO of DB Schenker, to its advisory board.

The company said in a statement that it is pursuing commercial certification and expects its first commercial routes to be opened within the next two to four years. Its advisory board is also preparing for a potential future IPO.

Previous funding
Volocopter received financing of $25m from investors including Daimler and technology-focused business angel Lukasz Gadowski in August 2017. BtoV also participated in the round, along with AI-focused venture capital investor Intel Capital.

In September 2019, the company held a first closing on its 50m series-C funding round backed by Geely (Zhejiang Geely Holding Group). Volocopter entered into a joint venture agreement with Geely to facilitate its expansion to China, with the company's founders retaining a majority stake. The company planned to hold a second closing for the round at the end of 2019, according to a company statement.

Previous investors in the company also include Team Europe, Micron, Mitsui Sumitomo Insurance Group and Manta Ray Ventures.

Company
Volocopter produces electric helicopters for use as air taxis in urban environments, known as electrical vertical take-off and landing aircraft (eVTOL). Since the first series-C in October 2019, the company has launched its electric heavy-lifting drone VoloDrone for use in the logistics, agriculture, public services and construction sectors.

The company is headquartered in Bruchsal, Baden-Württemberg. It was founded in 2011 by Stephan Wolf and Alexander Zosel, and employs 150 staff. Volocopter launched its first taxi flight in Dubai in 2017.

People
Volocopter – Florian Reuter (CEO); Jan-Hendrik Boelens (chief technology officer); Rene Griemens (CFO); Christian Bauer (head of business development).

Advisers
Company – Wuertenberger (legal); Raue (legal).

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• Topics
• Expansion
• DACH
• Consumer
• Venture
• Germany