BP Ventures to invest $10m in jet charter marketplace Victor
Business-to-consumer jet charter marketplace Victor has announced the signing of a strategic investment agreement with BP Ventures.
BP’s investment arm has committed to invest $10 million as lead investor to Victor’s Series B fundraising round.
The round, raising a total of $20 million, 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 per cent revenue growth, to expand its unique digital, data-driven ecosystem into a new transactional business-to-business marketplace connecting suppliers, re-sellers (brokers) and other service providers.
Victor will also expand its business-to-consumer service across new geographical territories.
In turn, the funding round reinforces BP’s on-going commitment to invest in high-growth, game-changing companies driving innovation across the entire energy spectrum within general aviation – a market worth $12-14 billion per year.
To date, BP has invested more than $350 million 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, chief executive, 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.”