Riyadh – Mubasher: Jameel Investment Management Company (JIMCO), the investment arm of Abdul Latif Jameel, announced its investment in Joby Aviation, a US-based electric air taxi startup.
JIMCO is participating in a Series C round of funding for Joby Aviation, which raised an additional $590 million in capital.
Joby Aviation is developing and certifying a piloted, all-electric, vertical take-off and landing aircraft, in order to enable affordable air taxi services both in the Middle East and around the globe.
JIMCO joined the round as a new investor alongside Toyota Motor Corporation (TMC), a long-term partner of Abdul Latif Jameel, and lead investor in Joby’s Series C funding, and Baillie Gifford.
The latest round of funding brings total capital investment in Joby Aviation to $720 million, making it the best-funded electric vertical take-off and landing (eVTOL) startup worldwide.
Previously, Joby Aviation received investments from SPARX Group, Intel Capital, Capricorn Investment Group, JetBlue Technology Ventures, 8VC, Toyota AI Ventures, and AME Cloud Ventures.
