Volocopter, the Urban Air Mobility pioneer, announced on Sept 9 that it signed the first closing of its Series C funding round being led by Zhejiang Geely Holding Group. 

The new funds will be used towards bringing the VoloCity aircraft to commercial launch within the next three years.

Volocopter remains in discussion with additional investors for a second closing around year's end. The first closing will increase total capital that Volocopter has raised to 85 million euros ($93.73 million).

Volocopter builds electrically powered air taxis to get people safely and directly to their destination. The aim is to save people time and help megacities transform their transportation systems toward a more sustainable future by adding a new mobility option for their citizens.

Since its foundation in 2011, the company has built three generations of Volocopter aircraft, two of which received licenses for manned and unmanned flight with total funding of 35 million euros. 

The company has performed numerous public demonstrations of the viability of electrically powered vertical take-off and landing aircraft, most recently completing a flight at Helsinki International Airport.

"Urban mobility needs to evolve in the next few years to meet rising demand. With our Volocopter air taxis, we are adding a whole new level of mobility in the skies," said Florian Reuter, CEO of Volocopter.

"This funding round is allowing us to take great strides toward bringing Urban Air Mobility to life while being respectful of our shareholders' money."

Geely Holding, the privately-owned automotive group from China which has a portfolio of global brands including Geely Auto, Volvo Cars and Lotus, as well as other automotive brands, led the Series C funding round.

Geely Holding thus becomes a minority investor in Volocopter, next to existing strategic investors like Daimler. Volocopter founders Stephan Wolf and Alexander Zosel, both individual shareholders, jointly remain the company's largest shareholder.