BP Ventures, BP’s investment arm, leads $20M in private jet charter marketplace Victor

Victor, which bills itself as the “largest ‘on-demand’ marketplace for private jet charter,” has raised $20 million in new funding, bringing total raised to date to $44.45 million since launching in 2011. BP Ventures, BP’s investment arm, led the round, putting in $10 million, whilst the London headquartered startup says it plans to use the additional capital to develop a “new transactional B2B marketplace,” moving beyond its current B2C offering.

Specifically, the new B2B proposition promises to connect suppliers, re-sellers (brokers) and other service providers. This will see Victor partner with other flight-planning and aviation fuel providers, in addition to a commercial agreement it has 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’ U.S. patents, Victor hopes to establish itself as a ‘next generation’ provider of services to the general aviation industry and beyond,” says the company. It also plans to adds new geographical territories to its B2B private jet charter marketplace.

Meanwhile, I’m told that Victor — which, along with London has offices in New York and California — hit its sales revenue forecast of $39 million for 2016 and says it is on target in 2017 for a full year of over $60 million. BP Ventures is positioning this investment as for the long-term and says it will act as a strategic partner to Victor.

Published at Tue, 19 Sep 2017 10:00:27 +0000