Frankfurt-based Volocopter, an urban air mobility startup, announced that it has raised 50 million euros ($55 million) in the first close of its Series C investment round.
Zhejiang Geely Holding Group, the Chinese parent company of Volvo Cars, conducted the fundraising, bringing Volocopter's total funding secured so far to $94 million.
Volocopter will use the new capital to secure commercial certification by the European Aviation Safety Authority and bring the VoloCity aircraft to commercial launch within the next three years.
As part of the Series C funding round, Geely will also enter into a joint venture with Volocopter to bring the startup’s aircraft to China. The startup is further holding discussions with additional backers for a second closing around year-end.