Victor Secures $20 Million Led By BP Ventures

BP Ventures, BP's investment arm, has entered into a strategic investment agreement with B2C jet charter company Victor, committing 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% revenue growth, to expand its unique digital, data-driven ecosystem into a new transactional B2B marketplace connecting suppliers, re-sellers (brokers) and other service providers. Victor will also expand its B2C service across new geographical territories. In turn, the funding round reinforces BP's ongoing 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.

With this new investment, Victor plans to further develop its B2B capability whilst also partnering with other flight-planning and aviation fuel providers. Victor has already confirmed a commercial agreement with Air BP to become the preferred fuel supplier for the charters it arranges at Air BP locations. By creating a 'full spectrum' digital ecosystem, further underpinned by several pivotal 'granted' US patents, Victor hopes to establish itself as a 'next generation' provider of services to the general aviation industry and beyond.

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.

"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," said Clive Jackson, CEO & founder of Victor. "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."

"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," said David Gilmour, Vice President of BP's Group Technology Business Development. "Victor's business and ambition aligns 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."

(Source: Victor media release. Image from Victor blog. (L-R) Jonathan Wood, Strategy & Business Development Director, Air BP; Clive Jackson, CEO & Founder, Victor; Akira Kirton, Managing Director, BP Ventures)

FMI: flyvictor.com