Aviation start-up Lilium has completed an internal funding round worth more than $240 million, to help continue the development of its all-electric aircraft for use as a flying taxi service.

Led by Tencent, with participation from other vendors such as Atomico, Freigeist and LGT, this latest announcement brings the total amount to $340 million.

Lilium will use these funds to further support the development of its new five-seater air-taxi prototype – the Lilium Jet – and begin preparations for serial production in its newly-built manufacturing facilities. The Munich-based company expects to be fully operational in cities around the world by 2025.

Christopher Delbrück, Chief Financial Officer at 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.”

Lilium unveiled the Lilium Jet in May 2019, a brand new type of aircraft offering regional journeys which are considerably faster than rail or road. It can travel up to 300km in just 60 minutes, producing zero emissions, and completed a successful maiden flight over Germany in the same month.

The full-scale, full-weight prototype is powered by 36 jet engines that allow it to take off and land vertically, and can reach a top speed of 300 km/h.