Odyssey Airlines To Raise £5m Through Crowdfunding

Odyssey Airlines is looking to raise £5m ($8.4m) through crowdfunding, a new means of raising finance by taking numerous small loans from individuals. The new UK-based business-only carrier is to use the online crowdfunding platform Crowdcube, which has gone live with the proposition this morning. Adam Scott, CEO of Odyssey Airlines, said: "We are excited to be announcing this fundraise on Crowdcube. By using an online crowdfunding platform, we are offering an investment that is accessible to a large and diverse number of potential investors." Odyssey plans to launch the first and only non-stop transatlantic services from London City airport in mid-2016. It will fly to North America, the Middle East, and Europe using Bombardier's CSeries aircraft. The airline is led by former Goldman Sachs banker Adam Scott, who has both aviation experience and an entrepreneurial track record. In 2013 Odyssey raised £2.2m ($3.7m) using the peer-to-peer lending platform ThinCats. Jon Moulton, a venture capitalist who invested in the airline, said: "As a professional investor I come across thousands of businesses, but Odyssey and its team is special enough for me. I've put my money where my mouth is and to see businesses like this raise finance through crowdfunding is a real sign of the change ahead."

TAGS: Europe
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