Volocopter, a Bruchsal/Frankfurt, Germany-based urban air mobility company, held the €50M first closing of its Series C funding round.
The round was led by Zhejiang Geely Holding Group. The first closing will increase the total capital that Volocopter has raised to date to €85m.
Volocopter remains in discussions with additional investors for a second closing around year-end.
The company intends to use the new funds to receive commercial certification by the European Aviation Safety Authority (EASA) and bring the VoloCity aircraft to commercial launch within the next three years.
Founded by Stephan Wolf and Alexander Zosel, and led by Florian Reuter, CEO, Jan-Hendrik Boelens, CTO, and Rene Griemens, CFO, Volocopter builds electrically powered air taxis to get people safely and directly to their destination in megacities globally. Since its foundation in 2011, the company has built three generations of aircraft, two of which received licenses for manned and unmanned flight.
Volocopter cooperates with partners in infrastructure, operations, and air traffic management to build the ecosystem necessary to bring Urban Air Mobility to life.
The company has more than 150 employees in offices in Bruchsal, Munich, and Singapore.
Geely Holding is a privately-owned automotive group from China which has a portfolio of global brands including Geely Auto, Volvo Cars, and Lotus, as well as other automotive brands. It becomes a minority investor in Volocopter, next to existing strategic investors like Daimler.
Founders Wolf and Zosel jointly remained the company’s largest shareholder.