Online focused on-demand charter broker Victor announced the signing of a strategic investment agreement with BP Ventures, BP’s investment arm, according to a press release received by Private Jet Card Comparisons. “BP Ventures 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,” Victor said in a statement.
The new money will be used to expand its B2C to new geographic territories.
With the new investment, Victor plans to further develop its B2B capability whilst also partnering with other flight-planning and aviation fuel providers. Separately, the company has already confirmed a commercial agreement with Air BP to become the preferred fuel supplier for the charters it arranges at Air BP locations.
BP has invested more than $350 million in tech companies around the world, according to the release. 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 align 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.”
London-based Victor has now raised $44.45 million of funding to date since its launch in 2011. The company had $39 million in sales for 2016 and forecasts revenues to reach $60 million this year. Last month, Victor expanded its Manhattan base to accommodate an 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.
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