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BP announces $10 million investment and strategic partnership with leading on demand jet charter marketplace Victor

Release date: 19 September 2017

(L-R) Jonathon Wood, Air BP Strategy & Business Development Director; Clive Jackson, CEO & founder of Victor; Akira Kirton, BP Ventures managing director (EMEA)

BP today announced an initial investment and the creation of a strategic partnership between its BP Ventures and Air BP businesses with Victor, one of the world’s leading ‘on-demand’ marketplaces for private jet charters.

 

As part of the partnership, BP Ventures has committed to investing $10 million in Victor. In addition, Air BP has entered into a commercial agreement to become the preferred fuel supplier for flights arranged via the Victor digital platform at Air BP locations.

 

This investment is part of BP Ventures strategy to invest to accelerate the development, commercial viability and deployment of digital technologies and offers across the BP group. Air BP, which has a growing digital presence, stands to further benefit from this new collaboration.

 

Victor launched in 2011, providing quick, easy and efficient ‘on demand’ jet charter booking services for flyers by connecting them with business and private jet operators using a proprietary digital platform underpinning its sales, marketing and customer service functions. This smart, data-driven platform, and a uniquely transparent customer proposition, has enabled it to operate more efficiently – at a lower cost than many traditional charter brokers. Victor’s customer-friendly mix of ‘hi-tech and high touch’ has also delivered 946% revenue growth over recent years. Victor has helped drive the transformation of private jet chartering.

 

Through its cooperation with Air BP, Victor will continue to innovate and develop its core digital platform. This will allow operators to participate in a more streamlined charter quote, booking and settlement process. Victor will also trial an initiative giving customers the chance to offset carbon emissions from their Victor-booked flights via BP Target Neutral.

 

Digital technologies are changing the way customers and corporates access services across multiple industries. This is now BP Ventures fifth deal in less than a year – following Fulcrum Bioenergy, Drover, BiSN and most recently Beyond Limits - and demonstrates our commitment to helping advance the development of cutting edge technologies by partnering with innovative industry disrupters, whose technologies are complementary to the wider BP business.David GilmourVice President of BP’s group technology business development

 

Digital technologies are playing a vital role in transforming the business aviation sector. This collaboration brings Air BP together with a leader in this emerging space in the industry, combining strengths and capabilities to support our customers as they work towards a lower carbon future.Jon PlattChief Executive Officer for Air BP

 

I am proud to welcome BP Ventures as a strategic, cornerstone investor. Their track-record for identifying forward-thinking businesses that can deliver sustained growth speaks for itself. Receiving backing from a major, legitimate institutional investor like BP is strong endorsement of our management team and our strategic vision to reshape the general aviation market. This is a hugely exciting step forward in the company’s evolution.Clive JacksonCEO & founder of Victor
Private jet charter, Victor

Editor's notes - about BP Ventures

 

  • BP Ventures identifies and invests in private, high growth, game-changing technology companies, accelerating cutting edge innovations across the entire energy spectrum. Since 2006, BP Ventures has invested over $350 million in corporate venturing and has 42 active investments in its current portfolio. Since 2016 BP Ventures has invested in 9 new companies, committing to over $100 million of capital. The portfolio includes a $30m investment in Fulcrum Bioenergy that will provide bio-jet fuel to the aviation industry.
  • BP Ventures’ portfolio is primarily focused on emerging technologies in oil and gas exploration and production and downstream conversion processes. In addition, it has a renewed strategic focus on five key areas: bio & low carbon products, carbon management, power & storage, advanced mobility and digital transformation.


Editor's notes - about Victor
 

  • Victor is a leading B2C platform driving disruption across the private aviation industry. Launched in 2011, the company’s B2C offering rewrote the jet charter rulebook with a fully-transparent, subscription-free, globally ‘on-demand’ marketplace allowing members to swiftly check pricing options and aircraft specifics before booking the flights they need. Victor’s unique combination of smart technology and exceptional ‘high touch’ customer service, means that its B2C customers – with access to thousands of aircraft via a global network of over 200 partner operators – are always connected and in control.
  • Victor was ‘Internet’ category winner at the Deloitte UK Tech Fast 50 2016 awards - and one of Deloitte’s EMEA Tech Fast 500 brands – for sales growth of 946%. Earlier this month, Victor made the Sunday Times Tech Track 100 for the third consecutive year – 2017, 33rd position ($39.8m revenue); 2016, 20th position ($23.9m); 2015, 15th position ($11.4m). Victor is also ranked 113th in this year’s FT 1000 list of Europe’s fastest-growing companies.
  • Visit the website

 

Editor's notes - about Air BP
 

  • As the aviation division of BP, Air BP is one of the world’s leading suppliers of aviation fuel products and services. We have been investing in the aviation industry for over 90 years to keep people flying safely around the world. We supply around 6.6 billion gallons of aviation fuel a year; fuelling over 6,000 flights a day at over 800 locations in more than 55 countries - that's more than four planes a minute.
  • Our customers include commercial airlines, the military, business and private aircraft owners, airports and airfield operators. We have a wide range of services to support our fuel offer including the design, build and operation of fuelling facilities, technical consultancy and training, low carbon solutions, the Sterling Card for efficient general aviation refuelling and innovative digital platforms to increase efficiency and reduce risk.

Editor's notes - About BP Target Neutral
 

  • BP Target Neutral develops carbon neutral products and services for BP’s customers and partners. BP Target Neutral’s operating costs are met by BP - it does not seek to make a profit from the purchase and sale of carbon credits - and its work is overseen by an independent Advisory & Assurance Panel of prominent environmental and industry experts. The Panel reviews BP Target Neutral’s performance against its stated aims in line with accepted standards for environmental and social rigour and makes recommendations on how it can be improved and strengthened.
  • For more information please visit our website

Further enquiries

 

Air BP - Emerald Media:

Telephone: +44 1420 560094

Email:  liz.danner@emeraldmedia.co.uk

Cautionary statement


In order to utilize the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’), BP is providing the following cautionary statement. This press release contains certain forward-looking statements – that is, statements related to future, not past events – which may relate to one or more of the financial condition, results of operations and businesses of BP and certain of the plans and objectives of BP with respect to these items. These statements are generally, but not always, identified by the use of words such as ‘will’, ‘expects’, ‘is expected to’, ‘aims’, ‘should’, ‘may’, ‘objective’, ‘is likely to’, ‘intends’, ‘believes’, ‘anticipates’, ‘plans’, ‘we see’ or similar expressions. Actual results may differ from those expressed in such statements, depending on a variety of factors including the risk factors set forth in our most recent Annual Report and Form 20-F under “Risk factors” and in any of our more recent public reports.

 

Our most recent Annual Report and Form 20-F and other period filings are available on our website at www.bp.com, or can be obtained from the SEC by calling 1-800-SEC-0330 or on its website at www.sec.gov.