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PrivateFly Seeks $9M Fundraising for Further ExpansionPrivateFly, the online marketplace for private jet flights, has announced plans to raise global growth capital in early 2015, to accelerate its international footprint. The company is planning to raise up to $9M funding in this second round, for US expansion, marketing and technology developments. The business was launched in March 2008, by former British Air Force and private jet pilot Adam Twidell. PrivateFly was the first online booking platform for private jet charter, disrupting the traditional brokerage model. First round investment of $3M (News - Alert), secured in November 2011, allowed the business to grow its team; launch multiple European language platforms; and develop its market-leading technology. The business has grown quickly since launch, showing more than 80% annual growth each year, and expects to generate $17M turnover this year. PrivateFly has developed independent, bespoke software that connects customers with a global network of over 7,000 aircraft. Its unique web platform allows end-to-end booking, and is fully integrated with aircraft scheduling and quoting software. This gives PrivateFly cost and speed advantages to best match customer and aircraft. It is also offering instant real-time pricing on a growing number of aircraft. The company's technology-driven business model is matched with a VIP flight team, with multi-language and regional expertise. The business was the first to market with a private jet pricing app in February 2010, which it has developed to offer empty leg discounted flights and post-booking features. Further investment in mobile technology is underway, which PrivateFly says will help to underpin its dominant market-leading position. PrivateFly's founder and CEO Adam Twidell commented as follows: "PrivateFly is now a leading, visible online private jet brand and a disruptive force in the industry. We have attracted over 1.4 million unique users to our website this year, and now have a current global membership of over 25,000 business and HNW private jet travellers. The existing business has been built from a low cost base with ROI central to the model; further marketing investment will be used to enhance our respected brand proposition." The company says it will also use the funds to accelerate its business in North America (which represents c. 72% of the global charter market). PrivateFly has proven early traction with a US platform, supply chain, and growing customer base in addition to an aggressive launch marketing plan. PrivateFly chairman Richard Carrick added: "This is the right time for a significant step up for PrivateFly. We are considering acquisitions and organic growth by capitalising the business, which will allow us to scale up our disruptive expansion. Since we launched in 2008, the industry has decisively moved online, and PrivateFly will continue to lead the technology race in the growing global private jet marketplace." -Ends- Notes to editors: PrivateFly is being represented by Corporate Finance Advisors, CitiCourt & Co Limited. Interested parties should contact: Jodi Littlepage, Managing Director, E-mail: [email protected] +44 (0) 20 3700 0073 About PrivateFly: PrivateFly is the leading global booking platform for private jet charter, making it faster, easier and more cost-effective to compare and book private jets. With over 7000 aircraft integrated worldwide, PrivateFly combines innovative technology with a VIP multilingual flight team, available 24 hours. In May 2014, CEO Adam Twidell was named by Aviation Week as one of the Top 10 Leaders of European Business Aviation, the judges describing him an 'internet pioneer' for the industry.
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