Dronamics, the world’s first cargo drone airline with license to operate in Europe, today announced that it has raised a total of €37.6 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.
The fresh capital has been provided by Founders Factory, Speedinvest, Eleven Capital, and most recently the Strategic Development Fund (SDF), the investment arm of the Tawazun Council, Abu Dhabi, United Arab Emirates.
Founded in 2014 and based in Bulgaria and London, Dronamics is a leading developer and operator of large, long-range drones built specifically for cargo. The company’s flagship drone Black Swan is able to carry 350 kg at a distance of up to 2,500 km 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.
Svilen Rangelov, Co-Founder and CEO at Dronamics stated: “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.”
The €37.6 million in pre-Series A funding is in addition to the €2.5 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 in equity investment.
