Volocopter

Volocopter GmbH filed for insolvency proceedings on December 26, 2024, citing inability to raise new funds.^12341517 The company had raised $579 million in equity from investors including Geely, WP Investment, Mercedes-Benz Group, Intel Capital, and BlackRock.⁷⁸ Volocopter continued business operations during provisional insolvency proceedings while seeking investors to complete certification of its VoloCity air taxi.²³¹⁵¹⁷

Timeline

Money raised

Volocopter raised $579 million in equity from investors including Geely, WP Investment, Mercedes-Benz Group, Intel Capital, and BlackRock.⁷⁸ In March 2022, Volocopter raised $170 million in the first signing of its Series E funding round led by WP Investment at a pre-money valuation of $1.7 billion.⁷⁸ In November 2022, Volocopter raised $182 million in the second signing of its Series E funding round.¹² Volocopter entered a financing agreement in principle with Aviation Capital Group for up to $1 billion to shape the sale and leasing of Volocopter aircraft.⁷⁸ The business magazine Capital, citing the 2023 annual financial statements, reported that Volocopter recorded a loss of $156.4 million, compared to $146.9 million the previous year.³ Startupfundraising.com reported that Volocopter raised $261 million across disclosed rounds through Series D.⁹

Investors named in the sources: WP Investment⁷⁸, Atlantia⁷⁸, Honeywell⁷⁸, Geely⁷, Mercedes-Benz Group⁷, Intel Capital⁷, BlackRock⁷, Whysol⁷, btov Partners⁷, Aviation Capital Group⁷⁸, NEOM¹⁰¹⁷, Blackrock Innovation Capital Group¹⁰, Continental¹⁰, Jericho Capital¹⁰, Levitate Capital¹⁰, Manta Ray Ventures¹⁰, Ms&Ad Ventures¹⁰, Translink Capital¹⁰.

What happened

Volocopter was founded in 2011.^27101517 Volocopter developed a series of eVTOL aircraft including the VoloCity, VoloConnect, and VoloDrone.²⁷ Volocopter aimed to improve the quality of life for people in cities by offering a new mode of transportation.⁷ Volocopter created sustainable and scalable UAM ecosystems with partners in infrastructure and operations.⁷ Volocopter's family of eVTOL aircraft was designed to offer passengers and goods swift, secure, and emission-free connections.⁷

Volocopter planned to launch commercial services within the next few years.⁷ Volocopter employed more than 500 people in Germany and Singapore.⁷ Volocopter completed over 1,000 successful public and private test flights.⁷ Volocopter raised $579 million in equity from investors including Geely, WP Investment, Mercedes-Benz Group, Intel Capital, and BlackRock.⁷⁸ Volocopter received Design Organisation Approval from the European Union Aviation Safety Agency.⁷⁸

Volocopter planned to launch air taxi services in cities like Singapore, Rome, and Paris.⁷⁸ Volocopter entered a financing agreement in principle with Aviation Capital Group for up to $1 billion.⁷⁸ Volocopter conducted its maiden US flight in Las Vegas in 2018.¹⁷ Volocopter flew in Oshkosh, the Dallas-Fort Worth area, Tampa, and NYC.¹⁷ Volocopter signed a joint venture with NEOM in 2021 to integrate the VoloCity and VoloDrone into NEOM's sustainable and smart mobility systems.¹⁷

Volocopter conducted a weeklong testing campaign in Japan at the end of 2023 in preparation for the 2025 World Exposition, Osaka Kansai EXPO.¹⁷ Volocopter planned to fly people during the Olympic Games in Paris in 2024.³⁶ Volocopter lacked permission for commercial passenger operations, so it attempted non-commercial demonstration flights on the Seine.⁶ Paris City Hall took legal action against the French government over the barge for Volocopter air taxis.⁶ Volocopter settled for a crewed test flight at the Aerodrome of Saint-Cyr-l'École and a test flight in Versailles during the Paris Olympics.⁶¹⁰

Volocopter still lacked type certification from the European Union Aviation Safety Agency to transport passengers.³¹⁵ Volocopter expected to obtain type certification in the new year, allowing operations to commence.³ Volocopter filed for insolvency proceedings on December 26, 2024, citing inability to raise new funds.^12341517 The Karlsruhe Local Court placed the company in administration on December 26, 2024.² Volocopter announced it would continue business operations during the provisional insolvency proceedings.²³¹⁵¹⁷

Volocopter sought investors to complete certification and market entry.²³¹⁵¹⁷ CEO Dirk Hoke said Volocopter was ahead of industry peers in technological, flight test, and certification progress.²¹⁷ Tobias Wahl, the preliminary insolvency administrator, intended to develop a restructuring plan and implement it with investors by the end of February.³¹⁵¹⁷ Volocopter's CEO Dirk Hoke was to leave the company at the end of February.³ Under Hoke, the number of employees was reduced from 700 to 500.³

Bloomberg reported that Chinese conglomerate Geely was interested in acquiring Volocopter.³ Volocopter entered a new phase of insolvency proceedings on March 5, 2025, with almost all employees placed on paid gardening leave.¹⁶ Volocopter completed a merger and acquisition with Zhejiang Wanfeng Auto Wheel Co., Ltd on March 10, 2025.¹⁰

Legal outcomes

• filedVolocopter filed for insolvency proceedings at the Karlsruhe Local Court on December 26, 2024.^12341517
• pendingThe Karlsruhe Local Court began provisional insolvency administration and appointed Tobias Wahl as administrator.¹⁷
• filedParis City Hall took legal action against the French government over the barge for Volocopter air taxis.⁶

Sources

1. German air taxi start-up Volocopter files for insolvency, reuters.com, Dec 30, 20
2. Volocopter eVTOL air taxi builder goes into administration, New Atlas, 2025-01-03
3. Volocopter files for bankruptcy and seeks investors, all-about-industries, Jan 8, 202
4. Aircraft manufacturer files for bankruptcy and reveals its plans, thestreet.com, Dec 30, 20
6. Will air taxis be ready to fly passengers by the next Olympics? | Fortune, Fortune, Aug 15, 20
7. Volocopter Raises USD 170 million in First Signing of Series E Financing Round - Volocopter, volocopter.com, Mar 4, 202
8. Volocopter raises US$170M in recent funding round, Vertical Mag, Mar 4, 202
9. How Much Money Has Volocopter Raised?, startupfundraising.com
10. Volocopter IPO Timeline and Financing Details - Forge, forgeglobal.com
12. Volocopter Raises US$182 million in Latest Funding Round - Asian Sky Group, Asian Sky Group, 2022-11-01
15. German flying taxi startup Volocopter files for bankruptcy, dw.com, 2024-12-30
16. Volocopter Enters New Phase of Insolvency To Save eVTOL Aircraft Project | AIN, Aviation International News, Mar 5, 202
17. Volocopter Files For Bankruptcy, Simple Flying, 2025-01-03

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