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Volocopter Raises US$182 million in Latest Funding Round

by jeremy@globalsky.media
Volocopter Raises US$182 million in Latest Funding Round

Volocopter has raised USD$182 million in the second signing of its Series E funding round, bringing the German eVTOL start-up a step closer to certificating its two-seater VoloCity eVTOL vehicle.

The company, which secured USD$170 million in its previous series E funding round in March, is currently testing its eVTOL based on requirements set by the European Union Aviation Safety Agency (EASA). It is aiming to certify the aircraft by the second half of 2023 and launch initial revenue-generating rides by 2024, the company said.

Volocopter received Design Organization Approval in 2019 and Production Organization Approval in 2021 from EASA, two prerequisites needed for obtaining type certification and launching commercially.

The latest round of fundraising adds NEOM and GLy Capital Management to Volocopter’s investor base. NEOM is owned by Saudi Arabia’s sovereign wealth fund and is a joint-stock company behind a US$500 billion dollar project to build a smart city in northwestern Saudi Arabia, while GLy Capital Management is a Geely-backed private equity company focused on smart cars, electrification and intelligent cities.

Volocopter expects to launch its first commercial routes in the next two years in cities such as Singapore, Rome, Paris, and the NEOM region.

“Attracting NEOM And GLy as investors is a great success and highlights our pole position in the commercial certification race,” said Dirk Hoke, Chief Executive Officer of Volocopter. This is the key requirement to launching commercial operations and starting to generate revenue.”

“Raising over US$180 million despite the generally tense economic climate highlights Volocopter’s robust technology strategy and its ongoing progress toward achieving market readiness,” added Christian Bauer, Chief Commercial Officer of Volocopter. “We appreciate the remarkable spirit of collaboration and the trust that our existing and new shareholders have placed in us as we forge ahead on our journey to bring the urban air mobility ecosystem to life.”

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