Victor secures additional funding, completes acquisition of YoungJets
Victor, the UK-based charter service, has secured an additional $5 million in funding. It has also completed the acquisition of US based charter company YoungJets.
Victor had originally raised $8 million in funding earlier in the year, which the company said was taken to expand into the US market.
YoungJets, based in California, are a specialist charter service provider who focus mainly on the Entertainment sector. The company won TourLink’s Top Dog Award in 2014 for the service it gave to touring artists and bands.
As part of the deal, YoungJets founder and CEO David Young will stay on as Victor’s senior vice president for the US. Under his new role, Young will be responsible for building the Victor brand in the US as well as overseeing the company’s operations.
“When I saw what Clive Jackson and his team were striving to do with on-demand private jet charter, seriously rethinking the interchange of supply and demand to the customer’s benefit, I knew that this was the future. No one is more time-strapped and on-the-go than the touring professional, corporate road show or political campaign coordinator handling a complex jet tour,” said Young. “As a lifelong entrepreneur, I’ve been passionately committed to innovation in customer service and joining forces with Victor enables us to deliver smart tech and time-saving innovation to the people who need it the most.”
Victor also secured an additional $5 million in second round funding through a series of investors that the company says are passionate about the Victor service.
Having already raised $8 million earlier in the year, the company say that they will use the extra funds for customer acquisition and scaling the technology needed to run the service.
However Victor aren’t done with funding this year, as they say the will be pursuing institutional funding later in the year.