Volocopter raises $170M, now valued at $1.87B, to fuel first commercial launches of flying taxi fleet in 2024
Summary
Volocopter, the startup out of southern Germany (Bruchsal) that has been developing electric VTOL (vertical takeoff and landing) aircraft and a business model for operating them in taxi-style fleets in urban areas, has picked up another big round of funding as it inches closer to its first commercial launches.It raised $170 million, funding that it said it will be using to kick off its first air taxi services, which it noted in an announcement would be in cities like Singapore, Rome, and Paris.A spokesperson said the commercial launch will depend on the type of certification it gets and when. We continue to make significant technical and commercial progress as we work toward bringing urban air mobility to life at scale in cities worldwide, Reuter said in a statement.Currently, Volocopter highlights three craft that will appear in its taxi fleets: VoloCity, VoloConnect and VoloDrone. It said that it is the first and only electric vertical takeoff and landing (eVTOL) company to receive Design Organisation Approval from the European Union Aviation Safety Agency. That means, if it plays its cards right, it could have a clear shot at the market either as a standalone branded commercial provider or as a partner to other urban transportation companies before competitors move in. Others hoping to make a mark in this space include Lilium, Kitty Hawk and Joby Aviation.This Series E is an all-equity round, but Volocopter has also been raising a lot of debt for the building of that bigger fleet.