Portside, an aviation start-up that is building a platform for managing the backend of a corporate flight service, charter operations, government fleet and co-ownership operations, today announced that ‘it had raised a $ 17 million financing round led by Tiger Global Management, with the participation of existing investors I2BF Global Ventures and SOMA Capital.
The idea behind Portside, which was founded in 2018, is that it allows business aviation companies and flight departments to manage everything from flight operations and maintenance to crew planning and personnel, crew and personnel expense management, and financials to help them run more efficiently. effectively. It’s basically all you need to manage your flight service in a single solution, but it also integrates with virtually all of the existing planning, accounting, expense management, and maintenance tools that a service does. theft or fractional ownership transaction probably uses today.
While the COVID pandemic put an end to most forms of private aviation early on, this market has seen a rapid rebound. Portside claims to have seen its revenue grow almost 300% in 2020 and to have added more than 50 aircraft operators in several countries to its user base.
“This infusion of new capital will be used to accelerate investments in product innovation, support deeper engagement with large corporate clients, and grow our global engineering and customer success teams,” said Alek vernitsky, co-founder and CEO of Portside. “We appreciate the strong support we have received from our existing and new investors in this cycle. They have collectively demonstrated their confidence in our strategy and intentional approach to the cloud-based digital transformation of the global business aviation industry. “
Portside is not alone in this market. Companies like Fl3xx, for example, offer similar solutions for flight services, and at the low end, tools like Flight Circle offer a subset of these features for general aviation clubs and partnerships.
“Portside has grown rapidly since its inception and is entering the next step in realizing its vision of becoming the clear leader in cloud solutions for business aviation,” said John Curtius, Partner at Tiger Global Management. “We believe Portside represents the future of the industry and we are pleased to partner with a company that we believe will continue to create significant value for many years to come.”