Odyssey Airlines raises its target capital via crowd sourcing

Odyssey (UK) logo (large)

Odyssey Airlines (UK) has issued this statement about its attempt to raise its initial capital:

Odyssey Airlines, the new UK-based business-only carrier, has successfully raised its minimum target of £ 1 million via crowd funding on the UK-based platform Crowdcube.

Odyssey’s Crowdcube investor pitch has raised £1,049,230, or 104% of its target on the site.

Odyssey has already raised over £5 M in seed capital, including having engaged Freedman & Partners to raise £2.185 million via the ThinCats platform in 2013, and the company will be targeting a raise of £60 M via a round of traditional institutional fund raising in the first half of 2015.

Adam Scott, CEO of Odyssey Airlines, said:

“We are delighted to have raised our primary target amount on Crowdcube. Beyond raising seed capital, the key objectives of our crowd funding campaigns have been to raise the profile of Odyssey, develop a captive audience of long-term supporters and future customers, and to provide an opportunity for individuals to directly participate in the launch of an airline who would have otherwise been unable to do so in the past. We have achieved all of these objectives.

Odyssey is a truly innovative and modern business in all aspects, including its funding strategy. Achieving this important milestone is further evidence of that and investor confidence in our proposition. We would like to thank those who have invested in Odyssey so far; it’s an exciting time to be a part of the company.”

Odyssey plans to launch all-business flights between London’s City Airport (below) and New York in 2016 with Bombardier CS100s with 40 lie-flat seats.

 

Images: Odyssey Airlines.

Odyssey CSeries over LCY (Odyssey)(LR)