Volocopter raises 182 million euros

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

The Baden-Württemberg start-up Volocopter raised 182 million euros in its Series E financing round. The investors include Hong Kong VC investor Fly Capital Management and Neom, the mega city project of Saudi Crown Prince Mohammed bin Salman. The planned city is to be built in north-eastern Saudi Arabia by 2025. The start-up, which was founded in 2007, raised 153 million euros in its first Series E round in March. The main investor at the time was WP Investment, a VC investor from Seoul.

Volocopter intends to use the new capital to set up transportation routes in the countries from which the money comes. These are already planned in Paris. The air cabs are to fly athletes and guests through the French capital for the 2024 Olympic Games. In Italy, air cabs have already flown in official airspace for the first time. Seoul, Singapore and the planned city of Neom are also set to receive air cab routes soon.

The investment on the Arabian Peninsula is not without controversy. Last year, the Bruchsal-based company founded 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, such as forced resettlement. No air cab from Volocopter is yet flying in official traffic worldwide. With a valuation of over one billion euros, the company has unicorn status.