Volocopter raises 182 million euros

The investors come from Saudi Arabia and Hong Kong, among others.

In its Series E funding round, Volocopter, a startup based in Baden-Württemberg, Germany, raised 182 million euros. Investors include Hong Kong VC Fly Capital Management and Neom, the mega-city project of Saudi Crown Prince Mohammed bin Salman. The planned city is to be built in northeastern Saudi Arabia by 2025. In its first Series E round, the startup, founded in 2007, already raised 153 million euros in March. The main investor at the time was WP Investment, a VC investor from Seoul.

With the new capital, Volocopter plans to set up transport routes in the countries where the money came from. These are already planned in Paris. There, the air cabs will fly athletes and guests through the French capital as early as the 2024 Olympics. In Italy, the air cabs already flew in official airspace for the first time. Seoul, Singapore and the planned city of Neom are also to receive air cab routes soon.

The investment on the Arabian Peninsula is not without controversy. Last year, the Bruchsal-based company already set up a joint venture with the Neom region. 15 Volocopter cabs were ordered. According to media reports, there are human rights violations in the Neom region, for example forced resettlements. No air cab from Volocopter flies in official service anywhere in the world yet. The company has unicorn status with a valuation of over one billion euros.