German startup Wingcopter has secured €40 million ($44 million) in funding from the European Investment Bank (EIB). The company's valuation has more than doubled but remains undisclosed.
The company, known for its delivery drones used in remote areas, plans to use the financing to further develop its hardware line and launch a new logistics and delivery services business centred around its drone fleet.
Wingcopter has focused its efforts on Africa, collaborating with organizations like UNICEF to deliver medicine to inaccessible regions. It now aims to expand its business into emerging markets such as Asia and Latin America while exploring the possibility of providing services alongside leasing its drone fleets.
The company is also developing a hydrogen-powered drone model to significantly extend flight range and intends to build its own logistics and delivery backend system to manage its services and fleet.
The funding arrangement with the EIB involves a combination of equity and venture loans, a common strategy employed by the bank. Wingcopter's CEO, Tom Plümmer, did not disclose specific funding details but plans to raise a substantial Series B funding round in the future.
Wingcopter's financing comes amidst significant developments in the vertical take-off and landing industry, with US counterpart Zipline recently raising $330 million.
The latest funding brings Wingcopter's total raised to €100 million, with previous support from notable investors including REWE, Xplorer Capital, ITOCHU, and Expa.