Helicopter Taxi Company Volocopter Raises $170M in Financing Round

Volocopter, an aircraft manufacturer that calls itself a pioneer in urban air travel, has raised $170 million in a Series E funding round, the company announced Friday (March 4).

The German firm said the cash will be used to help license Volocopter’s electric passenger air taxi and make it available for commercial launch in cities worldwide.

Financing was led by WP Investment, the South Korean investor, at a pre-money valuation of $1.7 billion. In addition, existing investors including Atlantia, Whysol, and BTOV, have also reinvested in this round.

“This funding round is a testament to Volocopter’s leading position in what is a highly attractive emerging market, said CEO Florian Reuter in a statement. “We continue to make significant technical and commercial progress as we work toward bringing urban air mobility to life at scale in cities worldwide.”

Volocopter is developing what it calls “new and sustainable mobility options.” Its family of aircrafts incude the VoloCity, VoloConnect, and VoloDrone. It describes itself as taking a unique approach by developing urban air mobility as a holistic ecosystem.

With 10 years of development experience, Volocopter said it is the only electric vertical takeoff and landing (eVTOL) company to win approval from the European Union Aviation Safety Agency. The company plans to launch its air taxi service in Singapore, Rome, and Paris.

Volocopter is not alone in the development of advanced air mobility.

In January, Wisk Aero, a joint venture formed in 2019 between Boeing and Kitty Hawk Corporation, announced that Boeing is investing an additional $450 million into its eVTOL concept.

See also: Flying Air Taxis Cleared for Approach as Urban Mobility Eyes the Skies of 2024

At the time, Boeing Chief Strategy Officer Marc Allen said the investment confirms his belief in Wisk’s business and the importance of their work in pioneering all-electric, AI-driven, autonomous capability for the aerospace industry.