Lilium Raises an Additional $35 Million

Baillie Gifford, the 112-year-old Scottish asset management firm, is buying into Lilium’s vision for ‘flying cars’.

German air taxi startup Lilium said on Monday it has raised an additional $35 million to fuel its goal of launching an electric vertical takeoff and landing (eVTOL) vehicle by 2025. That’s in addition to $240 million raised by the company in early March, when much of the globe began to feel the effects of the COVID-19 pandemic.

Lilium, which is based in Munich, is one of the more promising ventures with its sights set on an urban taxi service meant to supplant normal car traffic. And while other eVTOL companies are struggling to stay afloat during the COVID-19 pandemic, Lilium is continuing to raise funds.

As part of its expanded round, Lilium is adding a new investor: Baillie Gifford, the 112-year-old Scottish asset management firm that is the second biggest shareholder in Tesla after Elon Musk. The firm is said to own 7.67 percent of Tesla, which is worth $10.35 billion. The March announcement included funding from existing investors, like Atomico, Freigeist Capital, LGT, and Tencent, which led the round.

“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,” Christopher Delbrück, Lilium’s chief financial officer, said in a statement.

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