Energy giant BP’s intends to expand beyond its traditional gas and oil interests have experienced it back an internet-based private jet charter business, sinking $10m (£7.4m) into London-based Victor.
BP Ventures, an investment fund arm from the blue-nick company, may be the lead investor inside a $20m fundraiser round by charter business Victor.
Launched six years back, Victor enables customers to go surfing to check on private jet prices and aircraft availability from the number of a large number of business jets worldwide, before booking flights through its system.
The new funding allows Victor to grow into new territories, too take advantage of the b2b market by connecting with suppliers, brokers and flight planners within the general aviation sector, an industry which the organization states may be worth between $12bn and $14bn annually.
As area of the deal, Victor has signed Air BP because the preferred supplier for fuel for flights booked through its system.
Previously 11 years BP Ventures has invested $350m in 24 technology companies worldwide, in areas including power, energy storage, carbon management, biofuels and advanced mobility. The fund sees Victor as a means of contributing to its ip because it seeks to locate efficiencies in aviation and transport.
“The digital revolution is altering the face area from the energy industry and BP is in the lead,Inches stated David Gilmour, vice-president of BP technology business development. “We’ve now completed five deals with under annually and Victor aligns with this priorities around digital innovation and occasional carbon.”
Since London-based Victor began, it’s guaranteed $44.5m of investment. This past year it’d revenues of $39m and it is on the right track for $60m this season.
Clive Jackson, founding father of Victor, welcomed BP like a “strategic, cornerstone investor”, adding the fund’s “track-record for identifying forward-thinking innovative companies speaks by itself. Receiving backing from the major, legitimate institutional investor like BP is really a strong endorsement people and our proper vision to reshape the overall aviation market.”