Air taxi startup Volocopter raises $170 million in new financing round – Yahoo Finance

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BERLIN (Reuters) – German aviation startup Volocopter said on Friday it had raised $170 million from investors including funds run by Korean WP Investment in a new financing round as it seeks certification for its battery-powered flying taxi.

Volocopter said the total funds it had raised jumped to $579 million and its pre-money valuation was at $1.7 billion.

The company said the funds raised in the series E financing round will help the certification of its electric passenger air taxi and the commercial launch worldwide.

Volocopter said new investors include Korea’s WP Investment and Honeywell, adding that existing investors including Atlantia, Whysol and btov Partners also increased their investment in this round.

(Reporting by Nadine Schimroszik; Writing by Riham Alkousaa; Editing by Miranda Murray)