Leading private jet charter business Victor secures $20m in Series B investment round led by BP Ventures – the investment arm of global energy company BP.
Victor set to expand global footprint and develop B2B offering – helping realize vision of becoming an essential ‘full spectrum’ service platform for general aviation sector.
Latest fundraising round reflects Victor’s status as pivotal, fast-growth tech business with potential to leverage innovative digital ecosystem to other industries.
Today, B2C jet charter marketplace leader Victor announces the signing of a strategic investment agreement with BP Ventures, BP’s investment arm. BP Ventures, has committed to invest $10m as lead investor to Victor’s Series B fundraising round.
The round, raising a total of $20m, has been further bolstered through family offices and existing shareholders.
Specifically the funding will allow Victor, the world’s largest ‘on-demand’ marketplace for private jet charter with 946% revenue growth*, to expand its unique digital, data-driven ecosystem into a new transactional B2B marketplace connecting suppliers, re-sellers (brokers) and other service providers. Victor will also expand its B2C service across new geographical territories. In turn, the funding round reinforces BP’s ongoing commitment to invest in high-growth, game-changing companies driving innovation across the entire energy spectrum within general aviation – a market worth $12-14bn per year.
With new investment, Victor plans to further develop its B2B capability whilst also partnering with other flight-planning and aviation fuel providers. Victor has already confirmed a commercial agreement with Air BP to become the preferred fuel supplier for the charters it arranges at Air BP locations. By creating a ‘full spectrum’ digital ecosystem, further underpinned by several pivotal ‘granted’ US patents, Victor hopes to establish itself as a ‘next generation’ provider of services to the general aviation industry and beyond.
To date, BP has invested more than $350m in tech companies around the world, pioneering energy innovation across digital transformation, advanced mobility, power and storage, carbon management, and bio and low carbon products. BP’s strategic investment in Victor is an investment in the company’s dynamic, advancing digital platform and its intellectual property as it looks to unlock wider changes and efficiencies across the general aviation and transportation industries.
Clive Jackson, CEO & founder of Victor, said: “I am proud to welcome BP Ventures as a strategic, cornerstone investor. Their track-record for identifying forward-thinking innovative businesses that can deliver sustained growth speaks for itself. Receiving backing from a major, legitimate institutional investor like BP is a strong endorsement of our management team and our strategic vision to reshape the general aviation market. This is a hugely exciting step forward in the company’s evolution.”
David Gilmour, Vice President of BP’s Group Technology Business Development said:
“The digital revolution is changing the face of the energy industry and BP is at the forefront. BP Ventures has now completed five deals in less than a year. Victor’s business and ambition aligns with our priorities around digital innovation and low carbon . We look forward to advancing our relationship with Victor. We are committed to being a long-term value investor and strategic partner whilst encouraging Victor’s entrepreneurial spirit and drive.”
Victor, headquartered in London and with global, 24-7 offices in New York, and California, has now raised $44.45m of funding to date since its launch in 2011. The company hit its sales revenue forecast of $39m for 2016 and, enjoying a strong 2017 to date, is on target for a full year of over $60m. Last month, Victor expanded its Manhattan base to accommodate a rapidly-expanding team of 25 sourcing, flight management and customer service experts. The team, more than doubling in size, will support Victor’s ongoing expansion across North America.
- Deloitte UK Tech Fast 50 2016