Geely backs air taxi firm Volocopter in 50 mln euro funding round

FRANKFURT, Sept 9 (Reuters) - German air taxi startup Volocopter said on Monday it had raised 50 million euros ($55 million) in a funding round led by China’s Geely Holding as it seeks to bring its aircraft into service within three years.

Volocopter is developing electrically powered air taxis that can take off and land vertically, enabling passengers in the mega-cities of the future to dodge traffic jams on the streets and so reach their destinations quickly.

In addition to the Series C investment, Geely and Volocopter are founding a joint venture to bring urban air mobility to the Chinese market.

The Chinese autos group joins Germany’s Daimler in backing Volocopter, which said the Series C funding round would remain open as it seeks further backers. The company has raised a total of 85 million euros from investors so far. (Reporting by Douglas Busvine Editing by Michelle Martin)