Lilium has exceeded the target it set for a funding round launched on May 1, effectively raising $42 million more than the projected $250 million goal. The eVTOL aircraft developer confirmed on July 14 that over and above the $100 million it received in early May, it has attracted a further $192 million from an existing shareholder and through a $42 million private placement of new shares.
In the May 1 agreement, Aceville, which is an affiliate of existing venture capital investor Tencent Holding, invested $100 million in the German company and pledged a further $75 million if it raised at least the same amount in equity, debt, or grants from third parties. Lilium has achieved that objective through an “upsized” $75 million underwritten public offering of 57,692,308 of its Class A ordinary shares and a concurrent $42 million public placement of 32,146,147 shares and warrants to purchase a further 8,036,528 shares.
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