Victor, the business jet aggregation and booking website, has successfully concluded its first round of fundraising, netting £1.5 million ($2.4 million) from private investors.

The company launched the private placement at the end of January and had generated sufficient capital a little under two months later, says chief executive and founder Clive Jackson.

"Given the difficult economic climate, raising that in under eight weeks is a major endorsement of Victor," he says.

The majority of investors are members of Victor, he points out. "They absolutely see why and how it's scaling [up] and decided to buy in."

Its offer was oversubscribed, he adds, and could have raised up to £6 million.

Another round of fundraising is due later this year, potentially in the fourth quarter, as Victor looks to scale up the business.

An initial expansion into German-speaking countries was launched at the end of January, boosting membership numbers by about 200, says Jackson.

A similar operation in North America or Southeast Asia will follow next, he adds.

Source: Flight International