Zipline raises Series F funding
The funds will support the company’s rapid expansion, including in the field of medical supply deliveries
Drone logistics firm Zipline has raised at least US$330 million at a recent Series F funding round. The funding was revealed in a filing on 10 April in the US State of Delaware, which showed that the round was priced at $40.20 per share, according to a report by Forbes.
Zipline has subsequently confirmed the funding, and said it is ‘well capitalized to continue to grow our operations, including the launch of a new home delivery service’.
The filing also mentioned a series F-1 extension of up to $20 million – something which could still be incorporated into the existing round, making the exact amount raised uncertain.
The company’s projected value has been boosted to $4.2 billion as a result of the successful round – a 55 per cent increase from its previous valuation of $2.7 billion two years ago.
The rapid increase in value reflects both the company’s rapid expansion and the growing importance of the drone logistics sector as a whole – particularly in the field of delivering much-needed medical supplies to poor, rural or remote areas.
The company conducted a successful test flight in Kisumu County, Kenya, in February of this year.