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Starship secures $42M Series B round to expand its current footprint

Starship secures $42M Series B round to expand its current footprint
Starship secures $42M Series B round to expand its current footprint

Starship Technologies, the autonomous delivery vehicles company founded in Estonia and headquartered in San Francisco, has reportedly raised another $42 million in equity. The new fundraise has brought the total amount raised by the firm to more than $100 million in the last month, following its announcement at the end of January that the European Investment Bank will invest €50 million ($57 million) in the firm.

With this, one of the more well-known companies in the world of autonomous delivery robots, Starship which designed the little, boxy robots that self-drive across cities and confined campuses carrying food and other small products, has raised a new round of money barely 30 days after its previous financial infusion.

This latest Series B round is an all-equity round headed by NordicNinja, a Japanese-Nordic venture capital group, and Taavet+Sten, the Wise (aka TransferWise) founders' investment company.

Former strategic sponsors TDK Ventures and Goodyear (the electronics and music company and the tire manufacturer, respectively) also took part in the round.

The previous investment round driven by EIB comes as a ‘quasi-equity facility’, suggesting it included both loans and equity or convertible notes as part of the total capital. The company’s newest Series B must come as no surprise, given that CEO Alastair Westgarth had clearly signaled in January that further investment would be forthcoming.

Starship Technologies has now raised $202 million, but the company is not saying how much it is worth at this point.

Currently, the company owns and operates a fleet of 1,700 robots every day, making 10,000 deliveries per day, which makes it the world's biggest autonomous fleet of delivery robots. The fleet is on the verge of being totally autonomous and is now running at Level 4.

As per Starship Technologies, Series B will be used to extend the firm's present footprint, which includes operations in the United States and Europe, as well as to fund certain new initiatives.

Next, the company plans to use the funds to expand not only into new areas, for instance, doubling its presence in Finland, but also to experiment with new form factors and business models.

Source credit: https://techcrunch.com/2022/03/01/starship-technologies-raises-another-42m-to-fuel-the-growth-of-its-fleet-of-self-driving-delivery-robots/

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Vinisha Joshi

Vinisha Joshi

Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.