JetBird has completed a private placement of €21 million (US$31 million) of equity capital with European, US, private and institutional investors

About Company:
From 2009, JetBird will offer a point-to-point, on demand private jet service in Europe. The launch of JetBird will mark a revolution in the way people travel in the region. JetBird will offer all of the benefits of traditional private jet usage, but at a fraction of the cost of existing branded private jet operators.

Virtually all of us who fly regularly aspire to travel on private jets, however to date the cost of private flight has proved prohibitive for all but the most senior executives and the wealthiest individuals, with flight costs being many multiples of business class tickets on commercial aircraft.

How Much They Got From VCs:
JetBird, the first Pan-European, low cost executive jet taxi operator, today announced that it has successfully completed a private placement which now values JetBird at approximately €101 million (c. US$150 million).

JetBird has completed a private placement of €21 million (US$31 million) of equity capital with European, US, private and institutional investors. The placement was oversubscribed and includes a combination of new and existing investors in JetBird.

Proceeds from the private placement will be applied towards the financing of the first 25 Phenom 100 aircraft and general corporate purposes as JetBird continues to move toward the launch of Europe’s first low cost executive jet taxi operator in 2009. The fundraising was underwritten, arranged and completed by Claret Capital.
What Company says:

JetBird Chairman, Dómhnal Slattery, commented “We are pleased to announce the successful completion of this private placement. This equity capital raising reflects strong support from existing shareholders and new investors in JetBird. As JetBird’s largest individual shareholder, my interests are fully aligned with those of our shareholders and we will maintain an unrelenting focus on the steps towards launch.”


“This capital raising represents a significant uplift in valuation since JetBird’s launch. This, in part, reflects the increased value of our order of 100 Phenom 100 aircraft following a number of recent price increases. JetBird is now adequately capitalised to sustain its medium-term objectives," Slattery said.


"JetBird’s ability to deliver a premium product, at a lower price point, reflects our choice of the best-in-class aircraft in the industry. Embraer’s Phenom manufacturing and flight testing programme is on schedule. The Phenom programme’s continuing progress validates JetBird’s choice of the best-in-class aircraft from a manufacturer with proven commercial expertise and a track record of delivering aircraft on time and to a commercial, operable standard," JetBird CEO, Stefan Vilner said.


"We look forward to putting in place financing for our first 25 aircraft later in 2007 and are on track to launch our service, on schedule, in 2009," he said.
more at:http://www.flyjetbird.com/