STRATAJET LANDS $8M INVESTMENT AS BOOKING PLATFORM FLIES THROUGH TWO MILLION QUOTES MILESTONE
- Private jet booking platform Stratajet secures $8 million round of funding.
- Additional investment takes total figure raised to date to $14 million.
- Platform reaches major milestone of generating two million flight quotes.
LONDON, 19th May: Stratajet announced today that it has secured a major round of additional investment to further grow its cutting-edge technology
The only booking platform that provides travellers with real-time and accurate private jet prices, Stratajet has recently received funding to the value of $8 million. This latest round of investment, led by Octopus Ventures, with participation from existing investors Playfair Capital and JamJar Investments, brings the total figure raised to date to $14m.
The funding has allowed Stratajet to invest in further developing Stratafleet – its intelligent quoting tool which is provided free of charge to aircraft operators – and will support the company’s vision to revolutionise private aviation by solving the industry’s problems of inefficiency and wastage.
Stratajet launched to the flying public in April 2016, after five years in development. Currently live in 44 countries across Europe, following a rigorous tour by Stratajet Founder & CEO Jonny Nicol to meet aircraft operators, similar plans are underway to expand the platform into the U.S. market.
Jonny Nicol said: “This additional round of investment comes at an extremely exciting time for Stratajet. Following a successful launch in Europe last month we are seeing unprecedented numbers of flight quotes being generated across the platform, which proves how effective our system can be at giving a wider range of travellers access to the private jet industry and changing the way people travel. We are in the process of meeting operators across the U.S., nearly all of whom are buying into the platform, meaning that we have very precise goals for how the funding will help grow the business.”
Malcolm Ferguson of Octopus Ventures said: “We’re dedicated at Octopus to supporting unusually talented teams. Today’s announcement is another breakthrough for what we believe to be a very exciting business. Stratajet's platform streamlines the private jet booking process, enabling consumers to attain real-time, bookable flight prices on private jets. Furthermore, their platform has the potential to increase efficiency for operators and save money for travellers, making private jet travel a realistic alternative to business class.”
Two million flight quotes
The investment news coincides with Stratajet reaching a major milestone, only months after going live. The platform has now quoted over two million aircraft flights, completing this feat in a fraction of the time it would take a traditional broker.
The innovative system factors in data gathered from all 2,109 airfields around Europe and, via complex algorithms, is able to perform a mind-boggling amount of calculations in order to produce an accurate cost of a private jet flight in just 10 seconds.
By comparison, sourcing a similar number of quotes via the traditional method of phoning a broker, a process that takes several hours, would take a total of upwards of six million man-hours, the equivalent of 685 years. Other online brokers claim to streamline this process by offering ‘instant’ quoting systems, but the manual element still exists as the operators themselves have to do the necessary calculations to provide quotes.
Jonny Nicol added: “Unlike other online brokers, we can provide all customers with accurate prices without wasting the time of the operators who work with us. This in turn means we can break the perception that private jets are reserved for the rich and famous, and making the industry more accessible to the mainstream traveller”
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