Wingcopter has raised $42 million as part of its Series A extension round.
The funding round came shortly after the Federal Aviation Administration (FAA) approved the Airworthiness Criteria for Wingcopter’s electric Vertical Take-off and Landing (eVTOL) aircraft, a milestone for the company.
New investors include REWE Group, Salvia, XAI technologies, and ITOCHU, with previous backers Futury Capital and Xplorer Capital joining. Helmut Jeggle, Founder and Managing Partner of Salvia, believes that “…Wingcopter has the potential to become a frontrunner in the drone delivery space.”
Wingcopter’s total equity has now tripled to more than $60 million.
The startup plans to use the funds to speed up R&D efforts, as well as hiring 80 new employees.
“The new funding, combined with growing revenues, puts us in an excellent position to establish our industry-leading drone delivery solution with our customers around the globe to optimize supply chains,” says Tom Plümmer, Wingcopter’s Co-founder and CEO.
The company plans to further expand its drone delivery services globally and will accelerate production for its eVTOL drone.
Recently, Overair also raised $145 million in funding from Hanwha Systems and Hanwha Aerospace.
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