Cargo drone airline Dronamics has raised US$40m in pre-Series A funding from venture capital funds and angel investors from 12 countries to launch European middle-mile drone deliveries.
This includes funds received from Founders Factory, Speedinvest, Eleven Capital and, most recently, the Strategic Development Fund (SDF), which is the investment arm of the Tawazun Council of Abu Dhabi in the United Arab Emirates (UAE). SDF’s investment in Dronamics is a step toward the creation of a UAE-based joint venture intended to expand Dronamics’ capacity and support the establishment of Dronamics’ operations in the UAE. Through the establishment of a manufacturing and operations joint venture, SDF will become a main partner in the UAE-based joint venture.
The US$40m is in addition to the €2.5m (US$2.7m) grant that Dronamics was awarded by the European Commission as part of the deep-tech European Innovation Council (EIC) accelerator program, and the EIC’s material commitment to support Dronamics’ Series A round with another €12.5m (US$13.45m) in equity investment.
Svilen Rangelov, co-founder and CEO at Dronamics, said, “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.”
Abdulla Naser Al Jaabari, managing director and CEO of SDF, said, “SDF looks at investing in aerospace and mobility companies that can improve the 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.”