Senior Editor

Jerry Siebenmark

Portside, a provider of cloud-based software for the business aviation industry, has received a $17 million investment from a group of private equity investors to accelerate product development, engage large customers, and add staff. The investment was led by Tiger Global Management, with participation from existing Portside investors&nbsp;I2BF Global Ventures and SOMA Capital.

 


The San Francisco-based company's cloud-based data platform offers business aviation providers and flight departments a single system that combines flight operations, crew and staff scheduling, expense management, maintenance, and financial and budgeting data to streamline workflows and optimize operations. Last year, Portside recorded a nearly 300 percent increase in revenue and added more than 50 private, managed, fractional, and government fleet operators to what it said is a rapidly growing customer base in more than 25 countries.

 


"We appreciate the strong support we have received from both our existing and new investors in this round,” said Portside co-founder and CEO Alek Vernitsky. “They have collectively demonstrated their confidence in our strategy and intentional approach to cloud-based digital transformation of the global business aviation industry.”

Bizav Data Provider Portside Receives $17M Investment

Portside's investment was led by Tiger Global Management with participation from existing investors, I2BF Global Ventures, and SOMA Capital.

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