The UK-Bulgarian Dronamics, cargo drone airline, receives €37.6M in a pre-Series A round
17 February, 2023, 14:54
Bulgarian-founded developer and operator of large, long-range drones Dronamics has received €37.6 million in pre-Series A funding co-led by Founders Factory, Speedinvest, Eleven Capital, the Strategic Development Fund, and others. The funds will support the expansion Dronamics capacity and the future establishment of its operations in the UAE.
- Based in Bulgaria and London, Dronamics creates an all-in-one solution for the middle-mile powered by Black Swan cargo drone, a network of drone ports, and fully mobile control cargo systems. The 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.
- Dronamics is Europe’s first licensed cargo drone airline and IATA’s first Strategic Partner for drones worldwide. In November 2022 Dronamics received a €2.5 million grant from the European Commission under the European Innovation Council (EIC) Accelerator program.
- The fresh round was co-led by venture capital funds and angel investors from 12 countries, including the UK’s Founders Factory, Austrian Speedinvest, Bulgarian Eleven Capital, and the Strategic Development Fund. The SDF is focused on financial return and economic impact within the UAE, through equity investment in local and international partnerships.
- SDF venture capital division’s investment in Dronamics will support its plans to create UAE-based joint venture, creating a Dronamics’ operations in the UAE as a hub for the Middle East and North Africa region.