London, UK-based cargo drone airline with a license to operate in Europe, Dronamics raised USD 40 million in pre-Series A funding. The pre-Series A round took place on February 17, 2023. Several venture capital funds and angel investors from 12 countries joined in the round. 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, provided the investment.
Purpose of financing for Dronamics
SDF’s investment in Dronamics funding is a step in the creation of a UAE-based joint venture. With the recent financing, Dronamics seeks to expand capacity and support the future establishment of its’ operations in the UAE as one of the main hubs for the Middle East and North Africa region.
SDF seeks to become a main partner in the UAE-based joint venture with significant additional investment. The company aims to achieve this via the establishment of a manufacturing and operations JV.
Meanwhile, the company’s USD 40 million is in addition to the EUR 2.5 million ( USD 2.7 million) grant. The European Commission awarded the funding to the company under the selective deep-tech European Innovation Council (EIC) Accelerator program. Meanwhile, EIC’s committed to supporting Dronamics’ Series A round with another EUR 12.5 million (USD 13.45 million) in equity investment.
What the company’s official has to say
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.”
What the investor has to add
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.”
About the company
In 2014, Konstantin Rangelov and Svilen Rangelov launched the company. Dronamics is the world’s first cargo drone airline. The company is a leading developer and operator of large, long-range drones built specifically for cargo.
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