Dronamics raises $40m for Europe’s first middle-mile drone deliveries
Drone developer Dronamics has raised $40 million in pre-Series A funding
The funding comes from venture capital funds and angel investors from 12 countries as the company plans for a Series A round. It already has deals and approvals to run ‘middle distance’ drone delivery services across parts of Europe.
Investors include 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 $40m is in addition to the €2.5 million ($2.7m) grant Dronamics was awarded by the European Commission under the selective deep-tech European Innovation Council (EIC) Accelerator program, and the EIC’s material commitment to support Dronamics’ Series A round with another €12.5 million ($13.45m) 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 and CEO at Dronamics
The backing from SDF venture capital division’s investment is a step in the creation of a UAE-based manufacturing joint venture that will expand Dronamics capacity and support the future establishment of Dronamics’ operations in the UAE as one of the main hubs for the Middle East and North Africa region.
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Abdulla Naser Al Jaabari, Managing Director and CEO of SDF said: “SDF looks at investing in aerospace and mobility companies that can improve movement of humans and cargo autonomously in a sustainable and cost effective manner. 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.”
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