Jameel Investment Management Company (JIMCO), the investment arm of Abdul Latif Jameel, has announced its participation in a Series C round of funding for California-based startup Joby Aviation, which recently raised an additional $590 million in capital.
Joby has attracted several big names in the automotive, aerospace, and financial sectors in its recent round of funding including Toyota Motor Corporation, JetBlue Technology Ventures, and Intel Capital, among others. JIMCO’s investment in Joby brings the total funding to $720 million, making Joby the most funded eVTOL manufacturer in the aerial mobility industry. The latest round of funding will give Joby a leg up on the competition within the aerial mobility playing field as it recently announced plans to greatly expand operations at its Marina, CA site.
The move is in line with Abdul Latif Jameel’s strategy of making high-stakes investments in the future of mobility. Abdul Latif Jameel has a strong track record as a value-adding investor – through supporting innovative startups in the evolving mobility industry, and by bringing long-standing regional expertise and access to a global network of partners.
Hassan Jameel, Deputy President and Vice Chairman of Abdul Latif Jameel, said: “Through JIMCO’s investment, Abdul Latif Jameel is leveraging its regional expertise for Joby Aviation. Air taxi service is still in the early stages of commercialization, but one that has the potential to completely transform the future of mobility. 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. Improving daily transportation in line with environmental sustainability is a mission we share with all our partners in business, and one which we are committed to delivering on.”
Said Paul Sciarra, Executive Chairman of Joby Aviation.“We are very pleased to have Abdul Latif Jameel as new backers in our recent Series C financing round. We respect their track-record of significant investment in the future of electric mobility.”
Why it matters: Joby’s significant fundraising and expansion plans promise to be competitive with the biggest names in the industry. JIMCO’s investment in Joby is notable given its track record for selecting innovative startups, and its wide range of mobility expertise. To date, the $720M USD raised makes Joby the most funded eVTOL manufacturer.