Frankfurt-based Wingcopter, a startup that develops and sells transport drones for humanitarian and civil applications, announced on Thursday that it has secured €40M quasi-equity investment from The European Investment Bank (EIB).
This strategic investment aims to propel the production of Wingcopter’s flagship model — the Wingcopter 198. It also facilitates the expansion of delivery operations within Europe and internationally.
Additionally, the funding will accelerate company innovation efforts. The agreement is part of the InvestEU program, which supports the transition toward a sustainable economy.
Wingcopter co-founder and CEO Tom Plümmer says, “We would like to thank the European Investment Bank for their trust in us and their support as we strive to become a global leader in drone-based delivery of urgently needed goods, from medical supplies to groceries.”
He continues, “Our goal is also to improve lives by creating many jobs — in R&D and manufacturing at our headquarters in Europe, as well as in the countries where we provide services, where we train and qualify local young people to operate our drone delivery networks.”
“It requires strong partners like the EIB to build reliable, efficient, and safe delivery drone technology and logistics services,” adds Plümmer.
Pilot incoming this summer
The Wingcopter 198 is expected to operate for the first time in Germany this summer. This is when Wingcopter launches a pilot project in southern Hesse to test on-demand grocery transport.
The German company aims to improve local supply in rural German communities through a sustainable delivery service. This will be conducted with the Frankfurt University of Applied Sciences.
It is funded by the German Federal Ministry for Digital and Transport.
The announcement comes a year after raising €39.73M in a Series A extension round. This tripled the company’s total equity raise to more than €56.76M.
Before this, in January 2021, Wingcopter raised $22M (then, €18M) in its Series A funding round.
Wingcopter: What you need to know
Launched in 2017 by Tom Plümmer, Jonathan Hesselbarth, and Ansgar Kadura, Wingcopter is a developer, manufacturer, and operator of unmanned eVTOL, fixed-wing unmanned aircraft systems (UAS), and provider of drone delivery services.
The company is focused on optimising medical supply chains, as well as the last-mile logistics of packages, tools, spare parts, food, and groceries.
The Wingcopter 198 can take off and land vertically like a multi-copter, while flying long distances as effectively and rapidly as a fixed-wing aircraft, even in rain and severe winds.
With a maximum payload capacity of 5 kg and a range of up to 100 km, Wingcopter’s core hardware and software are patented worldwide.
Currently powered solely by batteries, the company is collaborating with Hamburg-based ZAL Center for Applied Aeronautical Research GmbH to develop a green hydrogen energy system. This innovative system aims to enhance the flight endurance of Wingcopter’s drones, making it possible for them to carry out longer missions.
Wingcopter’s electrically powered unmanned aircraft deliver goods for several small-scale commercial and humanitarian projects.
For example, in Malawi, a joint project with UNICEF and Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ) has seen Wingcopter’s drones deliver life-saving medicines and medical supplies to rural communities in hard-to-reach areas.
European Investment Bank
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States.
It makes long-term finance available for sound investments to contribute towards EU policy goals.
The EIB’s activities focus on the following priority areas: climate and environment, development, innovation and skills, small and medium-sized businesses, infrastructure, and cohesion.
The EIB works closely with other EU institutions to foster European integration, promote European Union development and support EU policies in over 140 countries around the world.
EIB Vice-President Ambroise Fayolle says, “Europe is currently the global leader in cleantech, and we must work hard to maintain this lead. Backing European cleantech pioneers with global reach like Wingcopter is central to our mission.”
“This investment underlines our commitment to supporting entrepreneurs in growing and building advanced green technology businesses in the European Union. This strengthens our technological competitiveness, creating highly skilled jobs, and opening up new markets while preserving nature,” adds Fayolle.
