Victor secures $20 million series B funding for new B2B platform

Victor, the UK-based online charter specialist, has secured $20 million in funding in a series B round. Part of the money raised will be used to develop a new business-to-business platform.

The series B round was led by BP Ventures, the investment arm of AirBP, which contributed $10 million. The remaining $10 million was invested by family offices and existing shareholders.

Victor says that part of the funds will be used to expand its current dataset into a new business-to-business marketplace that will connect suppliers, brokers and other service providers. The remaining funds will be used to expand the current private jet charter market into new regions.

The BP Ventures investment comes a year after Air BP announced a tie-up with Rocket Route, to streamline fuel purchases for users of Rocket Route’s flight planning services.

“The digital revolution is changing the face of the energy industry and BP is at the forefront. BP Ventures has now completed five deals in less than a year.” said David Gilmour, vice president of BP’s Group Technology Business Development.

“Victor’s business and ambition aligns with our priorities around digital innovation and low carbon. We look forward to advancing our relationship with Victor. We are committed to being a long-term value investor and strategic partner whilst encouraging Victor’s entrepreneurial spirit and drive.”

According to Crunchbase, the online startup tracker, Victor has raised $44.5 million so far, beginning with $3.9 million seed funding in June 2011.

Victor says that it met its revenue target of $39 million in 2016, and is on track to reach $60 million in 2017.