STARTUPS

Bulgarian Dronamics aims to raise €3M in an IPO

The Dronamics founders. © Dronamics

The Bulgarian company Dronamics is aiming to raise €3 million (BGN 5,8 million) in an initial public offering (IPO) on the Bulgarian Stock Exchange’s SME growth market BEAM. The IPO will be held in December 2021.

Dronamics in a nutshell

Based between Sofia and London, Dronamics was founded in 2014 by the Rangelov brothers, an economist and an aerospace engineer. Since then, the company has spent a few years on R&D and created a working prototype at a 1:4 scale called “The Black Swan“. In the meantime, Dronamics has also received numerous awards for drone innovation and has been funded by Founders Factory, Speedinvest, and Bulgarian VC Eleven.

Dronamics has become the world’s leading middle-mile cargo drone developer and operator and by all means, is one of the most successful Bulgarian startups. In July 2021, Dronamics celebrated a major success by partnering with the logistics giant DHL for middle-mile drone delivery, reaching an agreement with over 40 airports in 13 countries across Europe.

In October 2021, the company chose Malta as a base for its future operations due to the commercial routes and access to the Mediterranean region and Europe as a whole.

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