Drone Delivery Service Manna Increases Operations in Cork, Pre-Tax Losses Surge
Manna, a drone delivery service based in Dublin, is expanding its operations to Cork, marking a significant expansion in its growth strategy for 2025. New accounts filed by Manna Drones Ltd show a pre-tax profit of €12.33 million in 2023, suggesting a solid financial foundation for this expansion.
The company posted modest revenues of €20,439 in 2023, as it prepared for the launch of drone deliveries in the Dublin area in 2024. A note attached to the accounts confirms additional fund-raising of at least $30 million and the directors' optimistic outlook. "Manna Air Delivery is well-positioned to scale rapidly," said a company spokesperson, citing investments in future technology and international partnerships.
Investors include Dynamo VC, Molten Ventures, Coca-Cola HBC, Enterprise Ireland, Radius Capital, and others, indicating strong backing from venture capital and strategic corporate partners. The latest funding round, amounting to €27 million, places Manna among significant Irish tech startups securing substantial venture capital in 2025.
The company has established partnerships with major multinational corporations such as Coca-Cola and Unilever, leveraging its drone delivery technology to serve logistics and supply chain needs. Coca-Cola HBC's involvement as an investor further emphasizes a close strategic relationship.
Manna aims to become the dominant deep tech company in drone delivery, investing ambitiously in future technology. Since 2023, the company has launched multiple commercial locations, including Blanchardstown in 2024, which now serves 42% of households in the area and received high consumer satisfaction ratings. Operations in Finland are also ongoing, with a broader expansion plan across Europe on the horizon.
Manna plans to announce its first location outside Dublin, in Cork. With a growing team of 120 staff and continuous innovation in drone technology and software orchestration, Manna is well-prepared to scale rapidly and bring faster, more efficient air delivery to users, thus empowering retail businesses to grow and thrive.
Staff costs in 2023 increased from €4.69 million to €5.22 million, as numbers employed reduced marginally. Directors' pay totaled €250,000. The loss includes an intercompany re-charge of €3.49 million, resulting in a post-tax loss of €11.77 million after recording a corporation tax credit of €561,215. Accumulated losses at the end of 2023 totaled €31.16 million.
Reporting by Gordon Deegan.
- With its expanded operations in Cork and strategic partnerships with tech investors and corporations like Coca-Cola, Manna Air Delivery is leveraging technology to position itself as a dominant deep tech company in the field of drone delivery.
- Manna's 2023 financial report indicates a solid financial foundation, as evidenced by its pre-tax profit of €12.33 million, modest revenues, and the successful completion of a fund-raising round of at least $30 million, providing resources for future technology investments and international growth.
