What the business is
Volocopter builds electric vertical-takeoff air taxis for urban mobility and has raised just shy of $600 million.
How it started
Florian Reuter led Volocopter for more than seven years, growing a five-person research project into a 500-plus-person unicorn. The company promised to launch commercial urban air mobility services in time for the 2024 Paris Olympics and had raised just shy of $600 million, including a $170 million 'first signing' Series E at a $1.7 billion pre-money valuation.
What happened
Reuter informed the advisory board in summer 2021 that he would leave of his own free will; the board ran a comprehensive search. It chose Dirk Hoke, who rose to CEO of Airbus Defence & Space after leading multi-billion-dollar businesses at Siemens. Advisory board chairman Stefan Klocke called Hoke the 'absolute preferred choice' among an impressive lineup.
How it ended up
Hoke takes over as CEO and Managing Director from September 2022, charged with keeping the Paris 2024 launch on track and, in his words, helping 'monetize on the leading market position Volocopter has achieved under Florian's leadership'.
What has to be true
The board ran a comprehensive search after Reuter announced in summer 2021, and chose industrial-management experience over another startup operator.
Hoke's mandate is explicit: monetize the market lead, keep certification progress moving and hit commercial launch at the 2024 Paris Olympics.
Reuter's seven years took Volocopter from five people to 500-plus and nearly $600M raised — the research-phase job the company now considers done.
What can be applied
Deep-tech startups scale twice, first on invention then on delivery: hiring an incumbent operator signals which phase the board thinks it is in — and what the new CEO will be judged on.
Aftermath
As of March 8, 2022, Volocopter said Hoke would start in September 2022 as CEO and Managing Director. The company was promising urban air mobility services at the 2024 Paris Olympics, pointing to its product lineup, certification progress, team spirit and ecosystem approach as a unique competitive position.
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