The company raised £510,000 in first round fundraising in June 2010, which was used to develop its UK proposition and entry into other English-language markets.
Chairman Richard Carrick says, ‘This represents an exciting opportunity for new investors. PrivateFly is a proven online business model with three years of trading and fulfils a significant market need.’
The company, founded in 2007, is an online aggregator for private jet charter in Europe.
Carrick comments, ‘The private aviation industry is growing again, yet it is still highly fragmented and dominated by legacy business practices – it has yet to see the major online shift experienced by other travel sectors.’
PrivateFly.com reported a 50 per cent increase in its year end 31 May 2011, a third consecutive year of growth.
Last year, the business launched the first iPhone application to provide instant private jet pricing.
Carrick explains that further funding will drive a ‘well-considered growth strategy’ and finance software developments to allow greater operational efficiencies.
CEO Adam Twidell is a private jet pilot who served ten years as an RAF pilot and three years at NetJets, a network of shared aircraft.
‘PrivateFly is poised to take superb advantage with a disruptive business model that mirrors the online success stories of other travel products,’ adds Carrick.