Jet Edge International will receive $40 million in preferred equity from global investment firm KKR. The funding follows a previous $150 million credit facility that KKR agreed with Jet Edge earlier this year.
The investment will be used to support growth for Jet Edge's Reserve membership programme and expanding the fleet. Specifically it says it will use the funding to continue to advance its technology and infrastructure, including optimised scheduling systems, AI based programmes to maximise fleet efficiency and an app for mobile phones.
“We are pleased to invest in the growth of Jet Edge as a premier scaled private aviation operator with a leading membership programme and world-class super-mid and large cabin fleet,” says Dan Pietrzak, partner at KKR. “At a time when the private aviation industry is experiencing historically high demand, the Jet Edge team continues to impress us with its innovative solutions to age old inefficiencies and strong operational execution.”
Jet Edge says over the past 12 months it has achieved an 1,800% increase in new members year on year and it also recorded over $100 million in membership deposits over the last year.
“We've successfully executed numerous growth initiatives driven by KKR's initial financing and are excited to continue to build our platform with this new investment,” comments Bill Papariella, CEO of Jet Edge. “We will continue to invest heavily in technology and back-end infrastructure to enhance the customer experience and help us stay ahead of evolving client demands amid rapid membership growth.”