German flying taxi startup Volocopter has confirmed picking €50 million ($55 million) million as part of the Series C financing led by the Chinese parent company of Volvo Cars, Zhejiang Geely Holding Group. As part of the financing, Daimler, the German car giant that owns Mercedes, existing investors, Bruchsal, Daimler, Intel, btov Partners, and Team Europe also participated in the financing.
Prior to this round, Volocopter had secured around €5 million in 2017, which was led by btov Partners and Intel. The current infusion takes the total amount raised by the firm to €85 million.
Founded in 2011 by Alexander Zosel and Stephan Wolf, Volocopter plans to offer air mobility service provider through electric air taxis. The firm is building the world's first manned fully electric and safe air taxis.
Florian Reuter, the CEO of the firm talking about Volocopter through a statement said, “Urban mobility needs to evolve in the next few years to meet rising demand. With our Volocopter air taxis, we are adding a whole new level of mobility in the skies.”
Interestingly, the firm says that while the cost in the initial days will be slightly on the higher side, it will drastically come down to the price of a normal taxi ride in 5-10 years time. The initial launch of the service is said to happen in Singapore and Dubai. The firm is also in talks with the authorities of European cities.
Li Shufu, Geely’s chairman through a statement said that “Geely is transitioning from being an automotive manufacturer to a mobility technology group, investing in and developing a wide range of next-generation technologies. Our joint venture with Volocopter underlines our confidence in Volocopter air taxis as the next ambitious step in our wider expansion in both electrification and new mobility services.”
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