Portside Raises $17 Million in Funding from Tiger Global for Business Aviation Software Expansion
Portside, Inc. announced an investment 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, optimize operations, and make informed financial, operational and customer support decisions on the fly. Prior to the Portside solution, this information was cumbersome and inefficient for business aviation operators to find and often required multiple programs to source.
"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."
Despite the impact of the pandemic in 2020, Portside experienced a revenue increase of nearly 300 percent 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. "Portside is committed to delivering greater efficiency and convenience for all participants in the business aviation ecosystem," added Alek Strygin, co-founder and COO of Portside. "We are now well positioned to expand our product suite to respond to customer demand for integrated end-to-end operational and financial solutions.
"Portside has progressed rapidly since inception and is entering the next stage of fulfilling its vision of becoming the undisputed leader in cloud-based solutions for business aviation," stated John Curtius, partner at Tiger Global Management. "In our view, Portside represents the future of the industry, and we are pleased to partner with a company we believe will continue to create significant value for many years to come."
