UK-Bulgarian cargo drone airline Dronamics receives €10M from EIC

Dronamics, a Bulgarian-founded cargo drone airline, has announced a €10 million equity investment provided by European Innovation Council (EIC). The financing follows the earlier grant in the amount of €2.5 million under the Accelerator program in November 2022. 

• Dronamics was founded in 2014 by Konstantin Rangelov and Svilen Rangelov. The company aims to democratize airfreight and lower the cost of shipping in emerging markets. The team develops and operates an all-in-one solution for the middle-mile, powered by its flagship Black Swan cargo drone.
• The company claims that the Black Swan drone can carry 350 kg (770 lb) at a distance of up to 2,500 km (1,550 mi) up to 80% faster. It is also 50% cheaper and with up to 60% lower emissions than alternative modes of transport, including airfreight.

• The investment agreement was signed by Svilen Rangelov, Dronamics co-founder and CEO, and Iliana Ivanova, the European Commissioner for Innovation, Research, Culture, Education, and Youth, at the EIC Summit in Brussels on 19th March. Svilen Rangelov has also been invited to become an EIC Ambassador in recognition of his contribution to the EIC and European innovation ecosystem. 

The continued support from the EIC demonstrates the potential of the cargo mobility solution Dronamics has developed for the European economy at large, as well as the wider global economy. In fact, this investment shows the commitment the European Commission is making towards supporting innovation in mobility a sector of strategic importance for Europe,

Dronamics commented on the commitment.

• Fresh funding will be used to set up and initiation of commercial operations this year, after the complete completion of its flight test program.

The current investment comes right after the €2.5 million funding from EIC in November 2022. A year since, in February 2023, Dronamics received €37.6 million in a pre-Series A funding.