Aero Technologies, which describes itself as a “next-generation air travel company” which currently operates on a limited number of routes in the U.S. and Europe, today announced that it has raised $65 million, with $50 million of those as a Series B funding round co-led by Albacore Capital Group and $15 million in convertible notes. Expa and Keyframe Capital, as well as new investor Capital One Ventures also participated in this route. The company, which previously raised a $20 series A round in 2021, now has a valuation of $300 million.
The company operates a fleet of 16-seat Embrear 135 regional jets and 13-seat Legacy 600 planes (the business version of the Embrear 145) and unlike most of its competitors in this space, the company focuses exclusively on the leisure market. In the U.S., that currently means flights from Los Angeles and San Francisco to destinations like Aspen, Los Cabos and Sun Valley, white the company’s European base is London, with flights to Obiza, Mykonos and Nice. The company, which uses private terminals at the airport it serves, will adjust its schedule based on customer demand (and the seasons) as it expands its fleet in the coming months.
A typical one-way trip from San Francisco to Los Cabos will set you back about $2,300. That’s significantly more than for a first-class seat on a domestic airline but also significantly more affordable than a private jet charter. The average fare across the company’s network is about $1,700.
“You get 80% of the value of a private for 20% of the cost,” Aero CEO Uma Subramanian told me. “Our customers don’t fit a demographic segmentation so much — they really fit a needs-based segmentation. They tend to be premium travelers who are solving for the experience. They are looking for a seamless experience, they’re looking for convenience and they’re their premium customer with premium expectations.”