Business aviation startup Portside has raised $17 million to grow its cloud-based software solution.
Tiger Global Management led the round, with participation from existing investors including I2BF Global Ventures and SOMA Capital.
Founded in 2018, Portside helps aviation management companies, aircraft owners, corporate flight departments and fractional operators streamline their digital data operations.
Its cloud-enabled platform connects critical flight operations, crew and staff scheduling, expense management, maintenance, financial and budgeting data, enabling business aviation companies and flight departments to simplify their workflows and make informed decisions in real-time.
With the new capital, the San Francisco-based company will “accelerate investment in product innovation, support further engagement with large enterprise customers and grow our global engineering and customer success teams," says Portside co-founder and CEO Alek Vernitsky.
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“We appreciate the strong support we have received from both our existing and new investors in this round. They have collectively demonstrated their confidence in our strategy and intentional approach to cloud-based digital transformation of the global business aviation industry.”
The company says that, despite the impact of the coronavirus pandemic, in 2020 it saw revenue grow nearly 300% and added more than 50 aircraft operators across multiple countries to its customer base.
"Portside has progressed rapidly since inception and is entering the next stage of fulfilling its vision of becoming the undisputed leader in cloud-based solutions for business aviation," says John Curtius, partner at Tiger Global Management.
"In our view, Portside represents the future of the industry, and we are pleased to partner with a company we believe will continue to create significant value for many years to come."