flyExclusive raises $25m investment to expand fleet

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flyExclusive, publicly-traded provider of luxury private jet charter services, has secured a substantial $25m preferred equity investment from EnTrust Global and EG Sponsor LLC.

“This equity investment represents a significant milestone in our strategic plan to upgrade and increase the size of our fleet,” said Jim Segrave, founder and CEO of flyExclusive.

“The Investors have been exceptional partners and their commitment to flyExclusive will allow us to execute on our vertical integration strategy and deliver a best-in-class experience for our customers. We look forward to updating the market on our progress during our next earnings call.”

The investment, structured as the purchase of 25,510 shares of Series B convertible preferred stock at a price of $1,000 per share, will be disbursed in two tranches.

The first instalment of $20.4m has already been received by the company, with the remaining $5.1m expected to be finalised by August 15, 2024.

The company said that its vertical integration plans will be further strengthened by this investment.

By investing in larger fleet, the company aims to achieve greater control over its operations, improve efficiency, and ultimately enhance customer satisfaction.

In addition to the announcement of $25m raise, the company also reported its financial results for the second quarter wherein reporter growth in revenue as well as losses.

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