German delivery drone specialist Wingcopter has scored a cool $42 million in its latest funding round — an extension of its Series A. The fresh funds bring the company’s total equity raised to more than $60 million to date.
Wingcopter said the funding will be used to expand its drone delivery services globally, ramp up production, accelerate the firm’s R&D efforts, and hire 80 new employees.
Interestingly, a prominent new shareholder for the company is German retailer REWE Group, which has 12,000 stores across Europe. Its addition to Wingcopter’s investor base is a clear sign that the company is eyeing a future beyond medical drone delivery services.
To that end, Wingcopter is looking forward to ramping up production of its eVTOL delivery drone, the Wingcopter 198. Explaining that most production slots for the drone are already sold out for 2022 and 2023, Wingcopter said its manufacturing facility in Germany should start with partly automated production work shortly, which would help to speed up the production process significantly.
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Moreover, Wingcopter plans to use the capital injection to accelerate the firm’s R&D efforts on new product features and to hire 80 new employees across all departments within the next few months.
As Tom Plümmer, cofounder and CEO of Wingcopter, summed up:
At Wingcopter, we create efficient and sustainable drone solutions to save and improve lives. For this, we are hiring passionate pioneers with whom we build what has not existed before. The new funding, combined with growing revenues, puts us in an excellent position to establish our industry-leading drone delivery solution with our customers around the globe to optimize supply chains.
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