Bulgarian Dronamics raises $40M to power new generation drone solutions
Dronamics, the world’s first cargo drone airline with a license to operate in Europe, announced that it has raised a total of $40 million in pre-Series A funding from venture capital funds and angel investors from 12 countries as the company approaches its upcoming Series A round.
This amount includes funds received from Founders Factory, Speedinvest, Eleven Capital, and most recently the Strategic Development Fund (SDF), the investment arm of the Tawazun Council, Abu Dhabi, United Arab Emirates.
“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,” says Svilen Rangelov, co-Founder and CEO at Dronamics.
Dronamics is now the first drone cargo airline to get an operational license
Based between Sofia and London, Dronamics was founded in 2014 by the Rangelov brothers, an economist and an aerospace engineer. Since then, the company has spent a few years on R&D and created a working prototype at a 1:4 scale called “The Black Swan“. In the meantime, Dronamics has also received numerous awards for drone innovation and has been funded by Founders Factory, Speedinvest, and Bulgarian VC Eleven.
Dronamics has become the world’s leading middle-mile cargo drone developer and operator and by all means, is one of the most successful Bulgarian startups. In July 2021, Dronamics celebrated a major success by partnering with the logistics giant DHL for middle-mile drone delivery, reaching an agreement with over 40 airports in 13 countries across Europe.
In October 2021, the company chose Malta as a base for its future operations due to the commercial routes and access to the Mediterranean region and Europe as a whole. Since then the Bulgarian company signed contracts with multiple airports in Europe, which allowed the team to build a network of trusted partners, among which the logistics giant DHL.
Dronamics is selected as partner of DHL for middle-mile drone delivery
But drones are needed outside Europe as well. SDF venture capital division’s investment in Dronamics funding is a step in creating a UAE-based joint venture that will expand Dronamics capacity and support the future establishment of Dronamics’ operations in the UAE as one of the main hubs for the Middle East and North Africa region. SDF shall, through the establishment of a manufacturing and operations JV, become a main partner in the UAE-based joint venture with significant additional investment.
“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,” says Abdulla Naser Al Jaabari, Managing Director and CEO of SDF.
Dronamics grabs award for “Sustainable Drone Technology Company”
In May 2022, Dronamics won the award in the category for “Sustainable Drone Technology Company of the Year 2022″ in the Freightweek Sustainability Awards (FSA). Shortly before that the company announced that it has achieved CarbonNeutral® certification. The certification recognizes that the startup has achieved carbon neutrality in accordance with The CarbonNeutral Protocol global standard.
“Achieving CarbonNeutral® company certification is more than an accolade, it’s a necessity. The cargo industry has a reputation for being polluting and this is something we are looking to address through innovation. We believe we can be the most efficient mobility solution for goods – faster, cheaper, and with lower emissions. Our long-term sustainability strategy will see us working with Natural Capital Partners to maintain transparency and accountability,” said Svilen Rangelov, Co-Founder and CEO of Dronamics.