Surf Air (Santa Monica), the nation’s first All-You-Can-Fly membership airline, announced a total order of up to 65 new Pilatus aircraft (15 firm orders and 50 options) to be delivered over the next five years, with a total order value of approximately $312 million. The first 15 aircraft are being financed by a $65 million senior facility from White Oak Global Advisors, alongside an additional $8 million equity round from new and existing investors, bringing the total equity raised to $17 million. With this order the company has formed an unprecedented exclusive partnership with Pilatus Aircraft whereby Surf Air will be the only membership-based operator to utilize the PC-12 NG in the United States.
“In just our first year, Surf Air has enjoyed incredible demand from consumers—more than our existing fleet of planes will be able to accommodate going forward,” said Surf Air CEO, Jeff Potter. “With over 900 members now, we believe prospective members understand our value proposition—and now with 65 more aircraft committed for delivery and additional equity investment funds, we look forward to the opportunity to significantly expand this industry changing ‘All-You-Can-Fly’ membership model in California and other regions of the country.”
Under the strong leadership of airline and membership club veteran Potter and serial entrepreneur and venture investor Shahani, Surf Air has grown memberships in 2014 from 250 members to 900 members with an additional 350 member deposits on hold waiting for additional aircraft and routes. Venture Investors who participated in the new equity round included existing investors Anthem Ventures, Velos Partners and Base Ventures with participation from new investors FF Ventures, Plus Capital and several others. In addition, a number of notable angel investors participated in the round including Bill Woodward, Rick Caruso, Dennis Phelps and Jared Leto.
Each new Pilatus NG aircraft will be configured in an eight-seat all executive class interior to ensure a high level of comfort, class and convenience.
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Copyright Photo: Surf Air. N805SA, N806SA and N807SA getting ready in San Carlos for flights to Santa Barbara, Los Angeles and Truckee.
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