- The Bulgarian cargo drone airline Dronamics raises a $40M pre-series A round from VCs and angel investors from 12 countries, including Founders Factory, Speedinvest, Eleven Capital, and the Strategic Development Fund (SDF), the investment arm of the Tawazun Council.
- The investment comes less than three months after Dronamics was awarded a €2.5M grant by the European Commission under the European Innovation Council (EIC) Accelerator program.
- The strategic participation of SDF aims to streamline the development of a UAE-based joint venture that will extend the capacity of Dronamics and position UAE as one of the main hubs of the company’s cargo drone operations in the Middle East and North Africa region.
“The investment from SDF, Founders Factory, Speedinvest, and Eleven Capital is a strong validation of our goal to bring our cargo drone solution to more people and businesses around the world. Their confidence in Dronamics confirms the strength of our business model and we are excited to continue growing and achieving success with the support of our investment partners,” Svilen Rangelov, co-founder and CEO of Dronamics, shares.
Speeding ahead toward Series A
The team of Dronamics has previously shared with The Recursive that their Series A round will fund the next phase of growth – namely the scaling up of the drone fleet required to serve the commercial routes and the demand from customers. They also shared that their pool of investors will diversify geographically as they anticipate contributions from both financial and strategic investors.
Dronamics recently became the first drone cargo company in the world to obtain a European drone airline license, allowing it to self-authorize flight operations across EU countries. The company is currently working with a consortium in the UK to build out a medical supply drone network for NHS Scotland.
Now, the company prepares for the first commercial flights of its flagship Black Swan aircraft next year. The Black Swan – the only cargo drone that can carry 350kg at a distance of up to 2,500 km, aims to transform supply chains by filling the critical missing middle mile in air freight, securing the provision of same-day deliveries to even the most remote areas of the world.
Upon approaching its Series A round, Dronamics has already secured a €12.5M equity commitment from EIC.
“SDF looks at investing in aerospace and mobility companies that can improve the movement of humans and cargo autonomously in a sustainable and cost-effective manner. When it comes to Dronamics, their economics are very promising and potential users of Dronamics would benefit from quick and efficient cargo deliveries. As one of Dronamics’ latest strategic investors, SDF will be working closely to support the ongoing growth of the company through the UAE and globally,” Abdulla Naser Al Jaabari, Managing Director and CEO of SDF, says in a statement.