Lilium, the Munich-based aviation company developing an all-electric, vertical take-off and landing aircraft for regional air mobility, announced the completion of an internal funding round worth more than $240m. The round was led by Tencent, with participation from other existing investors including Atomico, Freigeist and LGT.

The new funds bring the total sum raised to date to more than $340m. They will be used to support further development of the Lilium Jet as well as underpinning preparations for serial production in Lilium`s newly-completed manufacturing facilities.

As well as designing and manufacturing the Lilium Jet, the company plans to operate a regional air mobility service as early as 2025 in several regions around the world. It recently celebrated the completion of the first stage of flight testing, with the five-seater Lilium Jet demonstrator flying at speeds exceeding 100 km/h.

Commenting on the announcement, Christopher Delbrück, Chief Financial Officer, Lilium, said: "This additional funding underscores the deep confidence our investors have in both our physical product and our business case. We`re very pleased to be able to complete an internal round with them, having benefited greatly from their support and guidance over the past few years.

"The new funds will enable us to take big strides towards our shared goal of delivering regional air mobility as early as 2025."

Commenting on their role as lead investor for the internal round, David Wallerstein, Chief eXploration Officer, Tencent, said: "At Tencent we`re committed to supporting technologies that we believe have the potential to tackle the greatest challenges facing our world.

"Over the last few years we`ve had the opportunity to see the professionalism and dynamism with which Lilium are approaching their mission and we`re honored to be supporting them as they take the next steps on their journey."