JEDDAH — 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 raised an additional $590 million in capital.

JIMCO joined the round as a new investor alongside Toyota Motor Corporation (TMC), a long-term business partner of Abdul Latif Jameel, and lead investor in Joby’s Series C funding, and Baillie Gifford. Adding to new and prior investments by SPARX Group, Intel Capital, Capricorn Investment Group, JetBlue Technology Ventures, 8VC, Toyota AI Ventures, and AME Cloud Ventures, the latest investment round brings Joby Aviation’s total funding to $720 million – making it the best-funded electric vertical take-off and landing (eVTOL) startup globally.

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 – supporting innovative startps in the evolving mobility industry, and by bringing long-standing regional expertise and access to a global network of partners.

A pioneer in the electric air taxi market, Joby Aviation is developing and certifying a piloted, all-electric, vertical take-off and landing aircraft. The vehicle will enable affordable air taxi services both in the Middle East and globally.

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.”

“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.” Paul Sciarra, Executive Chairman of Joby Aviation. — SG