Portside, Inc., a provider of cloud-based software solutions for the global business aviation industry, has announced funding of $17 million led by Tiger Global Management, with participation from existing investors including I2BF Global Ventures and SOMA Capital.
Portside’s cloud-based data platform enables business aviation companies and flight departments to quickly deploy one system that seamlessly combines critical flight operations, crew and staff scheduling, expense management, maintenance, financial and budgeting data while enabling operators to streamline their workflows, optimise operations, and make informed financial, operational and customer support decisions on the fly.
“This infusion of new capital will be used to accelerate investment in product innovation, support further engagement with large enterprise customers, and grow our global engineering and customer success teams,” said Alek Vernitsky, co-founder and CEO of Portside.
“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,” said Alek Vernitsky, co-founder and CEO of Portside.
Despite the impact of the pandemic in 2020, Portside experienced a revenue increase of nearly 300% and the addition of more than 50 aircraft operators in multiple countries to its rapidly growing customer base.
“We are particularly grateful to have the strong financial backing of Tiger Global, whose venture capital and private equity experience are well-aligned with our vision of expanding both organically and through targeted industry acquisitions,” said Vernitsky.
The Portside platform supports private, managed, fractional and government fleet operators, and integrates with existing flight operations and accounting systems.