Starship Technologies picks up €50M from the EU

During Covid-19, Starship Technologies, one of the bigger names in the world of autonomous delivery robots — those little caboose-like, boxy delivery vehicles that self-drive around cities — has been on a roll.

It has been providing extra (unmanned) horsepower to distribute food and other goods between stores or restaurants and consumers, at a time when consumers were either reluctant or being ordered to stay at home to prevent the virus from spreading. Now it’s getting some financing and support from Europe to help it develop even more.

The European Investment Bank, the European Union’s finance arm, has given the firm €50 million (about $57 million at today’s rates). This is referred to as a “quasi-equity facility” by Starship Technologies, implying that a venture loan is included in the mix.

Although it is not disclosing its valuation with this investment, Alastair Westgarth stated that this does not rule out the possibility of gathering additional funds from investors.