Air taxi firm Lilium extends funding round to over $275 million
Posted: 9 June 2020 | Sam Mehmet (Intelligent Transport)
The recent extension of the current funding round brings the total investment to date to more than $375 million.
Lilium, the Munich-based aviation company developing an all-electric, vertical take-off and landing aircraft for air mobility, has welcomed respected investment management partnership, Baillie Gifford, as a new investor. Known for their investing in high-impact technology companies such as Amazon, Tesla, Airbnb, Spotify and SpaceX, the partnership has invested $35 million in the company, extending the current funding round to more than $275 million.
The news comes less than three months after Lilium confirmed it had received $240 million in additional funding from existing investors including Atomico, Freigeist, LGT and Tencent, who led the investment round. Combined, these funds will reportedly support the further development of the Lilium Jet as well as underpinning preparations for serial production in Lilium’s newly-completed manufacturing facilities. The company recently celebrated the completion of the first stage of flight testing, with the five-seater Lilium Jet demonstrator flying at speeds exceeding 100km/h, and it plans to operate a regional air taxi service as early as 2025 in several regions around the world.
Commenting on the new investment, Christopher Delbrück, Chief Financial Officer, Lilium, said: “Baillie Gifford is one of the world’s most influential tech investors and their commitment to Lilium represents a significant vote of confidence in both our physical product and our business case.
“We look forward to working closely with Baillie Gifford as we seek to bring emissions-free, regional air mobility to the market as early as 2025. The funds raised during this round give us the security to weather the challenging economic landscape we see around us and we’re grateful to be able to stay fully focused on our mission.”
Michael Pye, Investment Manager at Baillie Gifford, added: “We are delighted to support the remarkable team at Lilium in their ambition of developing a new mode of transport.
“While still at an early stage, we believe this technology could have profound and far-reaching benefits in a low-carbon future and we are excited to watch Lilium’s progress in the years ahead.”