Temasek-backed Zipline raises US$250M in new funding

Singapore five-dollar note Photo by Leslie Shaffer

Medical drone-delivery provider Zipline raised US$250 million in new funding, bringing its valuation to US$2.75 billion, bringing in new investors Fidelity, Intercorp, Emerging Capital Partners and Reinvent Capital, alongside existing investors including Baillie Gifford, Temasek and Katalyst Ventures.

Singapore state-owned investment company Temasek invested in Zipline’s US$70 million series C round in 2018, according to Crunchbase data.

Zipline will use the fresh funding to advance its services, including its autonomy platform, aircraft, fulfillment systems and operations, the company said in a press release Wednesday.

Over the past year, Zipline has taken steps including expanding its Rwanda service hours to offer 24/7 autonomous delivery service, signed a partnership with Ghana’s Ministry of Health for four more distribution centers, and helped deliver Covid-19 vaccines and PPE in Ghana as well as delivering PPE in North Carolina, the company said.

In addition, Zipline said it has signed deals with Nigeria’s Kaduna and Cross River States to delivery medical supplies, including vaccines, blood and medicines.

“Today Zipline makes a commercial delivery every four minutes. In the past year, we have seen major growth in every market, including the U.S., and we’re continuing to build on our proven track record and technology to bring instant logistics to more partners, communities and people,” Keller Rinaudo, founder and CEO at Zipline, said in the statement.

Temasek has previously said it has four key themes for its investment philosophy: transforming economies, growing middle income populations, deepening comparative advantages and emerging champions. The company also chooses investments along structural trends of longer lifespans, rising affluence and sustainable living, as well as for sharing economies and smarter systems.