Linear Air seeks $2 million investment
Linear Air, an air taxi provider based on the east coast of the US, is actively seeking investment of around $2 million to fund its growth.
The company connects its customers to a network of Part 135 piston aircraft operators, allowing them to book short point-to-point flights in the US for around $2,500 per flight.
William Herp, CEO of Linear Air, is now targeting accredited technology investors through an online campaign in order to create further operating partnerships, add to its customer service staff and develop its digital marketplace, which seeks to bring the innovation of the likes of Uber, OpenTable and Kayak to the private aviation industry.
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“Our plan is to raise up to $2 million to support the continued proof that our air taxi marketplace model is not only viable, but a significant technology investment opportunity,” says Herp.
“The response has been phenomenal, with over 70 accredited investors completing the form on the web page,” adds Herp. “The web page has a set of slides that outlines the investment opportunity. When respondents complete the form, they receive a link to a more-detailed set of slides from our investment banker, John Schlesinger of Instream Partners in Menlo Park, California.”
Linear Air currently works with operators of Cirrus piston aircraft in Boston, New York, Philadelphia and Connecticut, but it sees a bigger potential for flying its customers to secondary and tertiary cities that are so well served by airlines, as opposed to flying them between major hubs.
“We are talking about creating a million dollar stream for the marketplace,” Herp told Corporate Jet Investor in February. “There are 1,000 operators that have the ability for air taxi; only 100 of those are Cirrus operators, so we are also looking at Bonanza, Piper, even Cessna aircraft.”
The company is also an owner and charter operator of a small fleet of Eclipse private jets, although it is looking to move out of the charter market in the near future.