Small investors go to the barricades against Volocopter

Before the start-up's exit, many crowd investors fear that they will not profit sufficiently. They write a fire letter to the founders. Some are considering a lawsuit.

Things are bubbling ahead of Volocopter's planned Spac IPO: some small investors fear they will not be given enough consideration. In 2013, 750 investors invested in the air cab start-up from Bruchsal via crowdfunding. Volocopter reached its funding target of 1.2 million euros within three days. The reason for the outrage now is a letter from the management to the investors, in which an end to the collaboration is hinted at. "We are delighted to have written a part of aviation pioneer history together with you," wrote the management at the end of March, reports Capital. The crowd investors fear that they will be forced out of the company with very small amounts before the Spac IPO is due.

In turn, 22 investors have now written a letter to the founders. The communication to date gives rise to fears "that Volocopter will discard us as ballast before commercial flights of fancy begin", it says. They are therefore demanding a clear commitment to the continued participation of small investors. If push comes to shove, part of the investor group is even considering a lawsuit against the start-up, writes Capital. At the time, investors invested between 250 and 10,000 euros in Volocopter. Today, the start-up is valued at just under one billion euros. This makes Volocopter the most successful crowd-funded start-up in Germany.

The crowd investors are not involved in the company as shareholders, but via so-called profit-participating loans, writes Capital, which was able to view the contracts. This means that they receive a profit share and are paid out at the end of the contract. Volocopter has until the end of June to unilaterally terminate the contracts. However, the start-up has not yet generated any profits. According to the contract, the investors would be entitled to a bonus interest in the event of an exit - if they are not terminated beforehand. Otherwise, the small investors only receive interest of one percent per year.