Lithuanian aerospace and defense startup Airvolve has raised €825,000 to develop a fully functional MVP aircraft. The investment came from Coinvest Capital, Baltic Sandbox Ventures, and several business angels.
- Founded in 2024 by Donatas Gendvilas and Antanas Ivancius, Airvolve is developing a heavy-lift aircraft designed for civil and defense missions, offering ten times lower operating costs than a helicopter. Capable of transporting large cargo over distances of more than 60 kilometers, it aims to revolutionize both industries with its cost-effective and versatile solution.
- The startup successfully tested its prototype aircraft in May 2024, marking the end of a two-year research phase that cost a €2 million investment.
Details of the deal
- The recent investment includes €510,000 from Coinvest Capital, a Vilnius-based venture capital firm managing €30 million in assets, with a focus on early-stage Lithuanian startups and the business angel ecosystem.
- The round also saw participation from Vilnius-based VC Baltic Sandbox Ventures, which supports startups across the Baltic building Deep Tech and Life Science solutions. Several business angels, including Rita Sakus, also joined the round.
- With the raised capital, Airvolve will continue developing a fully functional MVP aircraft, aiming for pre-orders to open by late 2025.
