The German eVTOL developer Volocopter announced on Sept. 9 that it has signed 50 million euros in the first closing of its Series C funding round, bringing its total capital raised to date to 85 million euros.
The funding round was led by Zhejiang Geely Holding Group, the privately owned automotive group from China whose brands include Geely Auto, Volvo Cars, and Lotus. Geely Holding now becomes a minority investor in Volocopter, next to existing strategic investors like Daimler. Founders Stephan Wolf and Alexander Zosel, both individual shareholders, jointly remain the company’s largest shareholder.
“Urban mobility needs to evolve in the next few years to meet rising demand. With our Volocopter air taxis, we are adding a whole new level of mobility in the skies,” stated Florian Reuter, Volocopter CEO, in a press release. “This funding round is allowing us to take great strides towards bringing urban air mobility to life whilst being respectful of our shareholder’s money.”
Volocopter and Geely Holding have additionally agreed to enter into a joint venture to advance urban air mobility in the Chinese market. According to Geely Holding chairman Li Shufu, “Geely is transitioning from being an automotive manufacturer to a mobility technology group, investing in and developing a wide range of next-generation technologies. Our latest cooperation with Daimler, building on our partnership in smart and premium ride-hailing services, as well as our joint venture with Volocopter underlines our confidence in Volocopter air taxis as the next ambitious step in our wider expansion in both electrification and new mobility services.”
Volocopter recently revealed the design for its fourth-generation eVTOL aircraft, a two-seat urban air taxi called VoloCity. The company said its new funds will be used towards bringing the VoloCity to commercial launch within the next three years. Volocopter has already performed numerous public demonstrations of the viability of its eVTOL aircraft, most recently in an air traffic management demonstration at Helsinki International Airport. Another high-profile demonstration is scheduled for October in Singapore.
Volocopter anticipates a second closing of the Series C towards the end of the year. The company said it is in advanced discussions with both strategic and financial investors for such second closing, and remains open to new investors.