Volocopter, the German start-up developing the VoloCity eVTOL aircraft and air-taxi service, today announced that it has raised just under $55 million in fresh investment. The company said that the new funds from the first closing of its Series C funding round will allow it to take the new model to commercial launch within the next three years, implying that this would be before the end of 2022.
The first closing of the Series C round was led by Zhejiang Geely Holding Group, which was among Volocopter’s early backers. The privately owned Chinese automotive group has interests in car brands such as Volvo and Lotus.
Following the start of the Series C round, Geely has become a minority investor, alongside existing strategic investors including German car group Daimler. Founders Stephan Wolf and Alexander Zosel are, between them, Volocopter’s largest investor.
The latest funding round has more than doubled the total capital raised by Volocopter since its foundation in 2011 to just over $93 million. The company expects to complete the Series C round by the end of 2019 and is continuing talks with other prospective investors.