GERMANY. Urban air mobility (UAM) pioneer Volocopter has raised US$170 million in the initial signing of its Series E funding round led by South Korean investor WP Investment, at a pre-money valuation of US$1.7 billion.
Following this announcement, Volocopter and WP Investment will enter into a strategic partnership by creating a joint venture which aims to bring UAM to South Korea’s cities.
Other new investors in Volocopter – which so far attracted outside investments totalling US$579 million – include Honeywell, which has extensive aerospace interests. Many existing investors including Atlantia, Whysol, and btov Partners have also increased their investment in this round.
The money raised will assist with the certification of Volocopter’s electric passenger air taxi and is expected to help achieve commercial launch in first cities worldwide, according to the company.
The first, and to date only, electric vertical takeoff and landing (eVTOL) company to receive Design Organisation Approval from the European Union Aviation Safety Agency, Volocopter has committed to launching commercial air taxi services in cities including Singapore, Rome, and Paris.
Volocopter CEO Florian Reuter said: “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.”
WP Investment Chairman Dr. Lei Wang said: “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.”
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