Che Bell’ Aereo!

AeroVanti Air Club, the membership-based air-charter club, has engaged Network1 Financial Securities Inc. to raise up to $9.75-million in a Series A fundraising round.

Series A financing refers to investment in a privately-held start-up company after subject company establishes the viability of its business model and demonstrates potential to grow and generate revenue. Often, but not always, the first round of venture money a business entity raises after seed and angel investors derives of Series A financing.

AeroVanti management believes the infusion of capital will position the organization, which has grown by a factor of twenty since its June 2021 inception, to continue to scale its operations, expand its fleet, and broaden its destination offerings and flight availability.  

AeroVanti’s tiered membership model and competitive hourly pricing have rendered air-charter accessible to a market segment formerly hard-pressed to ante-up the coin for conventional fractional ownership schemes. The AeroVanti members are not burdened by the costly initiation fees, expensive hourly rates, capped miles, and inconvenient booking restrictions characteristic of legacy fractional concerns.

The success AeroVanti has enjoyed is attributable in part to the speed and efficiency of its namesake aircraft, the Piaggio P-180 Avanti. The innovative and iconic Italian twin-turboprop cruises at 41,000 feet and is capable of reaching speeds as high 462-statute-miles-per-hour—besting its direct competitor, Beechcraft’s Super King Air 200, by a startling 115-miles-per-hour. Furthermore, the Avanti’s modest carbon-footprint—only one-third that of its competitors—appeals to passengers predisposed to environmental conscientiousness—and/or virtue signaling.

To date, AeroVanti has built its fleet to more than a half-dozen Piaggio P-180s, which the company operates under NBAA Small Aircraft Exemption No. 7897.

The Small Aircraft Exemption allows NBAA members named on the exemption’s list to employ the alternative aircraft maintenance programs and limited cost-reimbursement for certain flights in accordance with Part 91 Subpart F—which are typically limited to aircraft weighing more than 12, 500 pounds, powered by multiple turbojets, or part of a fractional ownership program. AeroVanti Founder and CEO Patrick Britton-Harr asserts the provision covers members of the AeroVanti membership program. Off-fleet flights are sourced by outside Part 135 operators.

In March 2022, AeroVanti acquired Arizona-based Marjet Aviation, a Part 135 operation with a single, 1972 King Air on its certificate. The acquisition included the conversion of Marjet’s FAA Air-Carrier certificate to AeroVanti—a move that satisfied the regulatory requirements upon which the company’s business plan is largely predicated. Mister Barton-Harr said of the acquisition: “We didn’t purchase Marjet for the aircraft. We purchased it for the certificate.”

AeroVanti offers its air club members individual, family, and corporate memberships. Current on-demand destinations span the entire eastern U.S.

Mister Britton-Harr adds: “Since launching last summer, we have relentlessly pursued the ultimate charter aviation experience for our members, and to prove that luxury and convenience are not mutually exclusive.”

FMI: www.aerovanti.com