Monday, August 11, 2014

Surf Air Raises $73M, Orders 15 New Planes

Santa Monica-based Surf Air, the membership-based airline which has been serving Silicon Beach, is in a major expansion, saying that it has ordered 15 new planes--with an option on another 50--and raised $73M in debt and equity. The airline--which is now led by Jeff Potter--said it ordered a total of up to 65 Pilatus aircraft to be delivered over the next five years, or approximately $312M in airplanes. The funding included $65M in debt from White Oak Global Advisors, and $8M from the both new and existing equity investors. The equity investors include Anthem Ventures, Velos Partners, Base Ventures as well as FF Ventures, Plus Capital, and others. Surf Air offers up "all you can fly" shot hop travel aimed at investors and business executives. The company said it now has over 900 members. More information »

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