Internet group Tencent led a funding round for Germany-based electric aerial vehicle developer Lilium today that was sized at more than $240m.
The corporate was joined by other existing backers including venture capital firm Atomico, investment firm Freigeist Capital and asset management group LGT. Lilium was reported in October 2019 to be seeking $400m to $500m in the round.
Spun out of Technical University of Munich (TUM) in 2015, Lilium is working on a five-seater vertical take-off and landing vehicle called the Lilium Jet which is intended for urban mobility.
The latest funding will support further development of the jet along with readying the company’s already completed manufacturing facility to begin formal production, with the set goal of a 2025 launch. It valued Lilium at $750m to $1bn according to the Financial Times.
Christopher Delbrück, Lilium’s chief financial officer, said: “This additional funding underscores the deep confidence our investors have in both our physical product and our business case.
“We are 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.”
Tencent’s chief exploration office, David Wallerstein, added: “At Tencent we are committed to supporting technologies that we believe have the potential to tackle the greatest challenges facing our world.”
Freigeist Capital paid an undisclosed amount for a 15% stake in Lilium in March 2016. Atomico subsequently supplied an undisclosed amount of seed capital in June the same year before investing $10.8m through a series A round six months later.
Lilium subsequently completed a $90m series B round featuring Tencent, Atomico, LGT and Obvious Ventures the following year.
