Verijet secures $85 million; Founder Richard Kane returns as CEO

Richard Kane has returned as Verijet CEO with an $85 million investment in the Cirrus SF50 Vision Jet operator.

By Doug Gollan, November 10, 2023

At Verijet, the new boss is the same as the old boss, except he is coming back with $85 million.

Verijet Founder Richard Kane has returned to the VLJ operator as CEO.

In an exclusive interview with Private Jet Card Comparisons, he says the 2020 start-up, which just celebrated its third anniversary and 12,000th flight, has secured an $85 million infusion.

Verijet ranked as the 30th-largest U.S. private jet operator based on fractional and charter flight hours in 2022.

The money comes from Delaware-based Solaino.

It describes its mission as “building secure Investments by driving innovation, fostering growth, and delivering exceptional value to our clients and partners across various sectors worldwide. ”

According to its website, its investments span automotive, aerospace, healthcare, infrastructure, renewable energy, hospitality, etc.

Kane says, “Solaino’s initial infusion of $85 million of working capital into Verijet empowers and advances our efforts in the journey toward decarbonizing and democratizing private travel and business expansion.”

“This initial capital injection from Solaino positions Verijet for accelerated development, market expansion, and enhanced innovation across the industry. This partnership leverages the financial acumen and global reach of Solaino to empower Verijet’s ongoing mission to drive technological advancement and redefine aviation industry standards,” Kane says.

In a written statement, Solaino spokesperson Kyal Erikson says, “Solaino is excited to announce its partnership with Verijet, an organization that shares our commitment to
innovation and growth.”

As part of the move, Robert Stepanian joins as Chief Strategy Officer.

In early October, Michael Marcotte took the reigns as CEO.

At the time, Verijet had grounded part of its fleet to renegotiate leases on its fleet of Cirrus Vision Jets.

Kane says seven aircraft are flying, with the remaining 14 expected to be back in service by mid-December.

He says there are currently around 100 jet card customers.

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