German eVTOL aircraft manufacturer Volocopter has announced $55 million in fresh investment it has raised for its VoloCity air taxi project.
It raised the money from its Series C funding round, which closed with an amount that the company said would enable it to bring its VoloCity aircraft to commercial launch within the next three years.
“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,” said Florian Reuter, CEO of Volocopter.
“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.”
The funding round was led by Zhejiang Geely Holding Group, a Chinese automotive group which has also got car brands such as Volvo Cars and Lotus amongst its portfolio.
They join existing strategic investors like Daimler, while the founders, Stephan Wolf and Alexander Zosel, remain as the company’s joint largest shareholder.
“Geely is transitioning from being an automotive manufacturer to a mobility technology group, investing in and developing a wide range of next-generation technologies,” said Li Shufu, Geely Holding Chairman.
“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.”