Dronamics raises $40m in pre-Series A funding
Dronamics has raised a total of $40m in pre-Series A funding as the company approaches its first investment round.
The cargo drone airline has received funding from a mixture of VC and angel investors from 12 countries as the company approaches its upcoming Series A round. Funders include Founders Factory, Speedinvest, Eleven Capital, and most recently the Strategic Development Fund (SDF) — the investment arm of the Tawazun Council, Abu Dhabi.
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.”
SDF venture capital division’s investment in Dronamics funding is a step in the creation of a UAE-based joint venture that will support the future establishment of Dronamics’ operations in the UAE as one of the main hubs for the Middle East and North Africa region. SDF shall, through the establishment of a joint venture, become a main partner in the UAE-based joint venture with additional investment.
Abdulla Naser Al Jaabari, MD and CEO, 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.”
The $40m is in addition to the €2.5m ($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 €12.5m ($13.45m) in equity investment.