Electric Air Taxi Startup Volocopter Raises $241 Million

By Mariliana Fotopoulou Wednesday, March 3, 2021

Volocopter, a German eVTOL startup working to develop electric air taxi services, has reportedly raised €200 million ($241 million) in the latest funding round D as the company prepares for certification and commercialization of its electric vertical takeoff and landing air taxi, or eVTOL, “VoloCity.”

Volocopter VeloCity aircraft.

Working to Launch New Products

A number of investors took part in the last funding round, including funds managed by BlackRock, mobility company Continental, Atlantia, Avala Capital, Jericho Capital, NTT, Tokyo Century, and more.

Existing investors in the startup include Geely, Daimler, DB Schenker, Intel Capital, BTOV Partners, Team Europe, and Klocke Holding. Rene Griemens, chief financial officer (CFO) at the eVTOL taxi startup, said that the majority of these companies have a “hands-on partnership” with his company.

“DB Schenker, for example, is rolling out leading-edge heavily-load electric logistics drones together with us around the globe,” Griemens said.

The eVTOL taxi startup has secured a total of €322 million ($388.5 million) until now and said it expects to launch its first commercial eVTOL taxi routes within the following two years. In October 2019, Volocopter raised €50 million ($60.3 million) in a Series C round led by Micron Ventures.

Apart from providing air taxi services, the startup plans to launch more products, including “VoloDrone” for goods transportation and “VoloPort,” a product that refers to take-off and landing infrastructure in megacities.

“Volocopter is ahead of the curve in the UAM industry, and we have the achievements to prove it,” said Florian Reuter, chief executive officer at Volocopter.

“No other electric air taxi company has publicly performed as many flights in cities around the world, with full regulatory approval, as Volocopter has. Our VoloCity is the fifth generation of Volocopter aircraft and has a strong path to being the first certified electric air taxi for cities.”

Volocopter, a Germany-based startup founded in 2011, says the technology is no longer an obstacle, and neither are regulators, who are working on new approaches to old problems amid the pandemic.

However, possibly the biggest challenge for Volocopter and its rivals right now is the safety of entirely new devices, as well as the traffic and systems these devices would operate under.

Startup Savant reported last week that Joby Aviation, an eVTOL taxi startup company, will go public in a $6.6 billion SPAC deal with Reinvent Technology Partners.

Summary

German eVTOL startup Volocopter has secured €200 million ($241 million) in a new financing round as the firm prepares for certification and commercialization of its electric air taxi “VoloCity.”

About the Author


Headshot for author Mariliana Fotopoulou

Mariliana has an MSC in consumer analytics and business strategy. She has a special interest in fast-moving industries and big data.

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