Volartec wins Avior Airlines contract
21st December 2011
Cargo drone airline Dronamics has raised $40 million from venture capital funds and angel investors in 12 countries.
Dronamics, which is the first such business to get a European operating licence, said the money came from Founders Factory, Speedinvest, Eleven Capital and the Strategic Development Fund (SDF), the investment arm of the Tawazun Council in the United Arab Emirates (UAE).
The cash comes on top of the €2.5 million grant from the European Commission's European Innovation Council (EIC) Accelerator programme, which is also pledged to support Dronamics’ upcoming Series A round with €12.5 million in equity investment.
"The investment from SDF, Founders Factory, Speedinvest, and Eleven Capital is a strong validation of our goal to bring our cargo drone solution to more people and businesses around the world. Their confidence in Dronamics confirms the strength of our business model and we are excited to continue growing and achieving success with the support of our investment partners," said Svilen Rangelov, co-founder of Dronamics.
The SDF backing is to come in part via a joint venture to support the future establishment of Dronamics’ operations in the Middle East and North Africa regions.
"When it comes to Dronamics, their economics are very promising and potential users of Dronamics would benefit from quick and efficient cargo deliveries. As one of Dronamics’ latest strategic investors, SDF will be working closely to support the ongoing growth of the company through the UAE and globally," said Abdulla Naser Al Jaabari, SDF's managing director and chief executive.