LONDON - 17 February 2023 - Dronamics, the world’s first cargo drone airline with license to operate in Europe, today announced that it has raised a total of $40 million in pre-Series A funding from venture capital funds and angel investors from 12 countries as the company approaches its upcoming Series A round.
This amount includes funds received from Founders Factory, Speedinvest, SeedBlink, Eleven Capital, and most recently the Strategic Development Fund (SDF), the investment arm of the Tawazun Council, Abu Dhabi, United Arab Emirates.
“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.”
Svilen Rangelov, co-Founder and CEO at Dronamics
SDF venture capital division’s investment in Dronamics funding is a step in the creation of a UAE-based joint venture that will expand Dronamics capacity and 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 manufacturing and operations JV, become a main partner in the UAE-based joint venture with additional significant investment.
“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.”
Abdulla Naser Al Jaabari, Managing Director and CEO of SDF
The $40 million is in addition to the €2.5 million ($2.7 million) 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 €12.5 million ($13.45 million) in equity investment.
Dronamics is the world’s first cargo drone airline. Аs a leading developer and operator of large, long-range drones built specifically for cargo, its flagship Black Swan is able to carry 350 kg (770 lb) at a distance of up to 2,500 km (1,550 mi) up to 80% faster, 50% cheaper and with up to 60% lower emissions than alternative modes of transport, including airfreight. This enables same-day shipping over very long distances for a variety of industries: from pharma to food, from e-commerce to spare parts. The company’s fast-growing team includes some of the most experienced aerospace and logistics experts. Dronamics is Europe’s first licensed cargo drone airline and IATA’s first Strategic Partner for drones worldwide.
Strategic Development Fund is focused on financial return and economic impact within the UAE, through equity investment in local and international partnerships. SDF invests in emerging and frontier technology companies and plays a vital role in supporting the private sector to meet the strategic needs of the UAE, encouraging creativity and innovation amongst local companies and enabling them to participate in building a diversified national economy.
Learn more at: www.sdf.ae