Dronamics Secures $40 Million in Pre-Series A Funding to Pave the Way for Europe’s First Middle-Mile Drone Deliveries

Dronamics, the world’s first cargo drone airline with a license to operate in Europe, has announced a significant milestone in its growth journey with the successful raising of $40 million in pre-Series A funding. This funding round was led by several venture capital funds and angel investors from 12 countries, including Founders Factory, Speedinvest, Eleven Capital, and the Strategic Development Fund (SDF), the investment arm of the Tawazun Council in Abu Dhabi, United Arab Emirates.

Svilen Rangelov, co-Founder and CEO at Dronamics expressed his enthusiasm and gratitude for the investment, stating that it is a strong validation of their vision to expand their cargo drone solution to more people and businesses worldwide. He emphasized that this investment is a confirmation of the strength of their business model and expressed excitement about the company’s continued growth and success with the support of their investment partners.

Dronamics’ strategic partnership with the Strategic Development Fund (SDF) will support the creation of a UAE-based joint venture that will expand Dronamics’ capacity and help establish Dronamics’ operations in the UAE as one of the main hubs for the Middle East and North Africa region. This joint venture will have additional significant investment from SDF through the establishment of a manufacturing and operations JV.

Abdulla Naser Al Jaabari, Managing Director and CEO of SDF, expressed the fund’s investment strategy of seeking aerospace and mobility companies that can improve the movement of humans and cargo autonomously in a sustainable and cost-effective manner. He also highlighted the promising economics of Dronamics and the benefits of quick and efficient cargo deliveries for potential users. He affirmed that SDF will work closely with Dronamics to support the ongoing growth of the company through the UAE and globally.

The $40 million raised is in addition to the €2.5 million ($2.7 million) grant Dronamics received from the European Commission under the selective deep-tech European Innovation Council (EIC) Accelerator program, and the EIC’s commitment to support Dronamics’ Series A round with another €12.5 million ($13.45 million) in equity investment.

The successful pre-Series A funding round will enable Dronamics to invest in the development and scaling of its drone delivery solutions, thus supporting its goal of creating a sustainable, autonomous, and cost-effective global logistics network.

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