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Germany’s Volocopter, a pioneer of urban air mobility (UAM), has raised $170 million in the initial signing of its Series E funding round led by South Korean investor WP Investment. Composed of funds by new and existing investors, the money raised will assist with the certification of Volocopter’s electric passenger air taxi and is expected to help Volocopter achieve commercial launch in first cities worldwide.
The company recently announced that it has entered a financing agreement in principle with Aviation Capital Group (ACG) to shape the sale and leasing of Volocopter aircraft for up to USD 1 billion.
Once aircraft certification has been achieved, this agreement will allow Volocopter to offer its operating entities and customers worldwide attractive leasing options, a key to rapidly scaling the business in the future.
Volocopter will launch commercial services within the next few years.
Florian Reuter, CEO of Volocopter, says: “This funding round is a testament to Volocopter’s leading position in what is a highly attractive emerging market. We continue to make significant technical and commercial progress as we work toward bringing urban air mobility to life at scale in cities worldwide.”
Christian Bauer, CCO of Volocopter, adds: “Volocopter has spectacular investors from around the globe, which puts us in an excellent position to focus on our first-to-certification and first-to-market strategies before we embark on the path to public listing. I’m excited to accelerate our path to commercial launch together with investors, partners, and the phenomenal Volocopter team!”
We are confident that Volocopter will be among the first to bring UAM to cities globally, since seeing its aircraft fly in Seoul last year. As a leader in ESG investment, we are excited to empower city sustainability through Volocopter,” comments Dr. Lei Wang, Chairman of WP Investment. Co-Chairman Tiffany Park. “We are excited to kick off our joint venture and be the first to establish sustainable eVTOL logistics and air taxi services with Volocopter in Korea.”
Volocopter employs 500 people in Germany and Singapore and raised $579 million from investors, including Geely, WP Investment, Mercedes-Benz Group, Intel Capital, and BlackRock.