Dronamics raises $40 million to launch Europe’s first middle-mile deliveries

The world’s first cargo drone airline with license to operate in Europe, Dronamics has today announced that it has raised a total of US$40 million in pre-Series A funding from venture capital funds and angel investors from 12 countries as the company approaches its upcoming Series A round.

The funding includes money received from Founders Factory, Speedinvest, Eleven Capital, and most recently the Strategic Development Fund (SDF), the investment arm of the Tawazun Council, Abu Dhabi, United Arab Emirates.

The $40 million is funding in addition to a €2.5 million ($2.7 million) grant which the company was given by the European Commission under the European Innovation Council Accelerator programme.

This is part of the EIC’s commitment to support Dronamics’ A round funding with a further €12.5 million ($13.45 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 Abdulla Naser Al Jaabari, Managing Director and CEO of SDF.

Source: logisticsmanager.com