UK premium startup Odyssey Airlines said it has raised £1.05 million ($1.7 million) through crowdfunding platform Crowdcube, exceeding its £1 million target.
Odyssey plans to launch all-business class services between London City Airport and New York in 2016, using Bombardier CS100s configured with 40 lie-flat seats. Later on, the carrier plans to expand its network to include destinations in Europe and the Middle East.
“Beyond raising seed capital, the key objectives of our crowdfunding 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 CEO Adam Scott said.
In addition to the Crowdcube funds, Odyssey has raised over £5 million in seed capital. It is aiming to raise a further £60 million via more traditional institutional fundraising in the first half of 2015.
Odyssey announced a deal for 10 Bombardier CS100s, plus five options, at the 2013 Paris Air Show. These will be delivered over a three- to four-year period. The Odyssey Airlines team includes Dragonair founder and Oasis Airlines CEO Stephen Miller, as well as Virgin Atlantic founder David Tait.