German aviation startup Volocopter said on Friday it had raised $170m from investors including funds run by Korean WP Investment in a new financing round as it seeks certification for its battery-powered flying taxi.
Volocopter said the total funds it had raised jumped to $579m and its pre-money valuation was at $1.7bn.
Volocopter said new investors include Korea’s WP Investment and Honeywell, adding that existing investors including Atlantia, Whysol and btov Partners also increased their investment in this round.
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The company said the funds raised in the series E financing round will help the certification of its electric passenger air taxi and the commercial launch worldwide.
Earlier this year, Aviation Capital Group, a leading aircraft asset manager, entered an agreement in principle with Volocopter, a pioneer of urban air mobility (UAM), to develop financing solutions that will assist with the sale of Volocopter’s family of electric vertical take-off and landing (eVTOL) aircraft for up to $1bn.
Source: Reuters
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