Volocopter, a German air transport company, has filed for insolvency following several unsuccessful attempts to raise funds in an increasingly challenging international market.
German urban air mobility (UAM) start-up, Volocopter GmbH, has announced that it has started the process of filing for insolvency, as it has been unable to secure the funds needed to continue normal operations.
The company submitted its insolvency application at the Karlsruhe Local Court, in southwestern Germany.
A lawyer and partner at German management consultancy and law firm Anchor Rechtsanwältegesellschaft mbH, Tobias Wahl, has been appointed as Volocopter’s administrator.
Volocopter was launched in 2011 and has been working on…