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21 March 2024·2 min read

Joy Laoun

News Editor, Vestbee

Bulgarian Dronamics secures €10M investment for its cargo drone airline

Bulgarian Dronamics announced the signing of an investment agreement of €10 million with the European Innovation Council and the SMEs Executive Agency (EISMEA) during the EIC Summit in Brussels.  

  • Founded in 2014 by Konstantin and Svilen Rangelov, Dronamics is a licensed cargo drone airline, offering the same-day delivery options around the world's most remote locations. 
  • Its flagship Black Swan can carry 350 kg to a distance up to 2,500 km, with up to 60% less emissions than alternative modes of transport, including airfreight.
  • Dronamics is based in London and Sofia. The startup serves customers in logistics, and aerospace. Within the last years, the startup has expanded globally securing strategic partnerships, as DHL, hellmann, ROTAX, COTESA composites, Quickstep, FlightSafety, aramex, QATAR CARGO, and NEC. 
  • The fresh funds came from the European Innovation Council (EIC) through its SMEs Executive Agency (EISMEA). In fact, EIC already supported Dronamics, giving it a €2.5 million grant under the Accelerator program back in November 2022.  
  • Moreover, Dronamics was one of the 74 businesses that got funds from EIC out of 1,000 applicants, undergoing 3 stages in a year. The EIC process for the grant includes three phases such as providing project and technical strategy, business and market plan, and a jury interview.  

"By investing in Dronamics, the EIC is demonstrating their support for our vision, our team, and our common ambition," said Svilen Rangelov, co-founder and CEO. 

  • This investment also demonstrates the European Commission's dedication to fostering mobility innovation, an area of strategic importance for Europe that boosts the EU's competitiveness in the global transportation market and is vital to the continent's free movement economy. 
  • After the flight test program is completed, the funds will be used by Dronamics to establish business flights, with the first flights scheduled to fly out of Greece. 

 

Deals#News#Bulgaria


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