Lilium, an eVTOL jet developer, has raised USD 192 million in funding. This included an upsized USD 75 million underwritten public offering of 57,692,308 of Class A ordinary shares (at USD 1.30 per share) and USD 42 million private placement of 32,146,147 shares and warrants to purchase 8,036,528 shares. The latter was led by Earlybird Venture Capital and included participation from BIT Capital, UVC Partners, and Frank Thelen.

Furthermore, Aceville Pte. Ltd., an affiliate of Tencent Holdings, will provide an additional USD 75 million as partial prepayment against the total exercise price of the warrants issued to them in May 2023.

The amount raised will fund Lilium’s development program and will also cover the capital required for the company to achieve its first manned flight, which is set to be done in 2H 2024.

Analyst QuickTake: In the same month, Lilium completed the fourth and final Design Organization Approval (DOA) audit by the European Union Aviation Safety Agency (EASA), which is a key milestone for Lilium to become an EASA DOA holder. The company has now proceeded to the final phase of the DOA process and aims to obtain the DOA certificate in 2023.