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Saudi Arabia’s Abdul Latif Jameel bets on flying taxis with Joby Aviation

(Source: The National)

Family-owned conglomerate becomes a new investor in air-taxi start-up’s funding round. Joby Aviation’s latest round of funding brings total investments into the company to $720M.

The investment arm of Abdul Latif Jameel, a Saudi Arabian family-owned conglomerate, invested in Joby Aviation, a company in Santa Cruz that aims to shuttle passengers in electric air taxis above congested city streets.

Jameel Investment Management Company participated in Joby Aviation’s $590 million (Dh2.16 billion) Series C funding round, Abdul Latif Jameel said on Sunday, without disclosing the size of its investment.

The funding round was led by Japanese car maker Toyota and includes new backers Baillie Gifford alongside previous investors Sparx Group, Intel Capital, Capricorn Investment, JetBlue Technology Ventures and AME Cloud Ventures.

“Air taxi service is still in the early stages of commercialisation, but one that has the potential to completely transform the future of mobility,” Hassan Jameel, deputy president and vice chairman of Abdul Latif Jameel, said.

“We are excited to be a part of this new chapter for the sector, bringing fast, affordable, and zero-emissions air mobility to Saudi Arabia and the wider Mena region.”

Continue reading here: https://www.thenational.ae/business/aviation/saudi-arabia-s-abdul-latif-jameel-bets-on-flying-taxis-with-joby-aviation-1.972961

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