Earlier this year, Lilium historic backer Tencent pre-funded the purchase of $100 million in shares, as well as committed to pre-fund the purchase of an additional $75 million in shares, contingent upon Lilium being able to secure a matching $75 million via "equity, debt or grants from certain third parties".
Today it’s been revealed that the “certain third parties” include Earlybird Venture Capital, BIT Capital, UVC Partners, Frank Thelen, and multiple Lilium board members (the PIPE).
In so much, Tencent’s committed $75 matching commitment takes effect thus achieving Lilium’s $250 million goal, and overshoots the mark via an additional $42 million in the private placement 32,146,147 shares at $1.30/share, presumably, providing Lilium with a bit of breathing room.
Lilium’s post-IPO equity raise now stands around the $861 million mark, bringing the company’s total funding raised to just shy of $1.2 billion.
Not only does the move provide Lilium with the necessary $250 million to keep the lights on and the progress needle moving, but perhaps even more interesting it marks a notable departure for Earlybird, who's invested in only one other listed company, Oculis.
Speaking to Handelsblatt, Earlybird partner Hendrik Brandis commented, “We were not among the early investors because we had too much respect for the technical and financial challenges. But now the main obstacles have been overcome and the maiden flight is not far away.”