Odyssey Airlines (London City) has successfully raised its minimum target of GBP1million (USD1.632million) via crowd funding on the UK-based platform Crowdcube. In a statement, the start-up said it had raised GBP1'049'230, or 104% of its target on the site.
Having already raised over GBP5million in seed capital, including GBP2.185million raised by Freedman & Partners via the ThinCats platform in 2013, Odyssey said it will be targeting an additional GBP60million via a round of traditional institutional fund raising during the first half of 2015.
“We are delighted to have raised our primary target amount on Crowdcube. Beyond raising seed capital, the key objectives of our crowd funding campaigns have been to raise the profile of Odyssey, develop a captive audience of long-term supporters and future customers, and to provide an opportunity for individuals to directly participate in the launch of an airline who would have otherwise been unable to do so in the past. We have achieved all of these objectives," Odyssey Airlines CEO Adam Scott said.
Odyssey intends to offer a business-class only service between London City and New York JFK using a fleet of ten CS100s, the first three of which are due in mid-2016. Demand and route performance will then determine the rate at which the remaining seven are delivered.
In the long term, Odyssey also plans to offer flights to Toronto Pearson, as well as other undisclosed Middle East and North American destinations.
