Portside, a San Francisco, CA-based company that provides Software-as-a-Service (SaaS) platform for the business aviation industry, announced that it raised $50 million in Series B funding.
The investment round was led by global software investor Insight Partners, with participation from existing investors, including I2BF Global Ventures.
Portside will invest the new funds in several key areas. First, the company's product team will continue to develop and enhance its product portfolio to better serve customer needs.
The company also intends to expand its global sales organization and strengthen its customer success operations. Lastly, the company will be exploring new acquisition opportunities in the business aviation ecosystem.
"Increasingly, operators in business aviation are looking for mobile-first and cloud-based solutions. Portside provides industry leading solutions that enable operators to grow their businesses while improving the quality of service they can offer. Our focus on the customer and delivering secure, intuitive, and effective solutions make Portside the best solution for all private, corporate, and government flight departments," said Alek Vernitsky, co-founder and CEO of Portside.
Portside's cloud-based product suite brings modern technology to the global business aviation industry and supports a diverse range of flight operations in over 30 countries, including charter, fractional, corporate, medical, industrial, government, military, and cargo aircraft and helicopter operators.
Company: Portside, Inc.
Raised: $50.0M
Round: Series B
Funding Month: February 2023
Lead Investors: Insight Partners
Additional Investors: I2BF Global Ventures
Company Website: https://portside.co/
Software Category: Modern Operating Systems for Business and Government Aviation
About the Company: Portside is a modern, cloud-based operating system for the global business aviation industry: a set of integrated software solutions addressing major industry pain points. The Portside Platform is a suite of modern cloud-based applications for business aviation. Its product portfolio supports a growing list of functions in a typical flight department's operation, including flight and crew scheduling, dispatch, and compliance; communication with aircraft owners, passengers, and crew; highly customizable sharing of operational, financial, crew, and maintenance data with various stakeholders; reporting and analytics; customer billing; crew recruiting; and the booking of crew accommodations. Its platform supports over 700 business aircraft operators in over 30 countries. Some of their customers include Airshare, Jet Aviation, Priester, and Wheels Up. Portside is headquartered in San Francisco with team members across the US, Europe, and Asia.
Source: https://portside.co/newsroom/press-releases-new/portside-series-b-investment-led-by-insight-partners-pressrelease/