Volocopter Raises $240 Million, Nears Launch Of Urban Air Taxi

German urban air mobility (UAM) startup Volocopter has raised €200 million, or $240 million, to help certify and launch its battery-powered city air taxi, VoloCity. The company expects the air taxi to be open for commercial routes within the next two years.

The Series D funding round brings Volocopter’s total funding raised to €322 million, according to a press release. All existing investors participated in the round, joined by new investors from BlackRock, Tokyo Century, Avala Capital, Continental AG, Atlantia S.p.A. and NTT, among others.

“Our VoloCity is the fifth generation of Volocopter aircraft and has a strong path to being the first certified electric air taxi for cities,” Florian Reuter, CEO of Volocopter, said in the press release. “Volocopter already has the extensive partnerships necessary to set up the UAM ecosystem for launching both our company and the industry into commercial operations.”

The Bruchsal-based company is in the final developmental stages of its air taxis, according to the release. Volocopter has already committed to running air taxi routes “safely and quietly” in Singapore and Paris, and plans to offer further routes across Europe, Asia and the U.S. The company has performed test flights in Dubai, Helsinki, Stuttgart and Singapore’s Marina Bay.

Last year, Volocopter partnered with Singapore’s rideshare startup Grab to explore the feasibility of air taxi services in Southeast Asia, examining “the economic and societal opportunity.” Air taxis present a travel and commuting solution, especially for overly congested cities and areas in the world, Reuters said in a press release at the time of the announcement. The company’s drone counterpart presents a similar solution to retail delivery efforts.

Volocopter is also developing electric autonomous cargo transport with VoloDrone, as well as UAM physical and digital infrastructures with VoloPort and VoloIQ.