Lithuanian deep-tech aerospace startup Airvolve has secured an investment of €825,000 to develop a unique tactical transport aircraft. The early-stage funding was provided by the venture capital funds Coinvest Capital and Baltic Sandbox Ventures, along with several accredited business angels. The investment will help the company develop a fully functional MVP aircraft, with pre-orders expected in late 2025.
Coinvest Capital's contribution to the investment amounts to €510,000.
According to Airvolve representatives, the aircraft is designed for a wide range of civil and defense missions, including autonomous cargo delivery, casualty evacuation, search and rescue operations.
"We are a deep-tech, dual-use aeronautics company currently focused on innovative logistics solutions. The company's heavy-lift aerial vehicle is projected to be 10 times cheaper to operate than a conventional helicopter. Its unique horizontal-axis propulsion system enables large-volume payload airlift within a 60 km radius. The project is well advanced, we have already invested significant time and effort into the aircraft's development. We are very grateful to our investors for their trust—this funding will allow us to accelerate our progress even further," said Donatas Gendvilas, co-founder and CEO of Airvolve.
The Airvolve‘s founding team includes talents from NASA and Ryanair Engineering. The aircraft prototype, which took off in May 2024, is the result of two years of R&D, and an investment of over €2 million.
"The technologies being developed by Airvolve can be described as truly revolutionary, inspiring a sense of pride in our country's innovators and offering a significant competitive advantage in the global aeronautics market. Furthermore, I believe the project team's vision is exceptionally timely, aligning with the rising wave of autonomous systems and innovations in the transport and defense industries, and therefore holds tremendous potential," said Viktorija Trimbel, Managing Director of Coinvest Capital.
"We see great potential in this team and their game-changing VTOL (vertical take-off and landing) technology, which enables both defense and commercial applications," commented Sandra Golbreich, General Partner at Baltic Sandbox Ventures.
“I'm very excited to be leading this latest Lithuanian venture investment into Airvolve, a solid team building mission-critical tech that revolutionizes aviation mobility by innovative propulsion systems used in various applications ranging from airborne search and rescue to medvac missions and aerial logistics," said Rita Sakus, a representative of business angels.
The transaction between the investors and Airvolve was advised by the legal teams of TGS Baltic, FORT Legal, and Unicorn Legals.
Coinvest Capital
Coinvest Capital is an early-stage venture capital fund established by INVEGA with EU and Lithuanian public funds. The fund invests in promising Lithuanian startups alongside business angels and other venture capital funds. Currently, its portfolio includes 37 startups, with a total co-investment of EUR 35.9 million. The fund offers a unique profit-sharing program, capping its return on investment at 6% per year. In the event of a successful exit, profits exceeding this cap are distributed to accredited private co-investors. Of the €30 million in current committed capital, €7.4 million remains available for new investments.
Baltic Sandbox Ventures
Baltic Sandbox Ventures is a venture capital firm dedicated to supporting innovative startups and entrepreneurs across the Baltic region and beyond. Focused on early-stage investments, Baltic Sandbox Ventures provides not only financial support but also mentorship, strategic guidance, and access to a robust network of industry experts and resources. Baltic Sandbox Ventures aims to foster a vibrant ecosystem for tech-driven companies, helping them scale and succeed in a competitive global market. Through its commitment to nurturing talent and driving growth, Baltic Sandbox Ventures is building the next generation of impactful businesses that are poised to make a difference in the world.
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