Vitruvius Ventures
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Vitruvius Ventures

Investment in Avtura

Vitruvius Ventures is pleased to announce a further round of investment in Avtura.

Now around ten years old, Avtura was founded to help aircraft leave on time. They now do that via a number of product lines:

Their client list is impressive:

The performance of the core “RATT” app has been impressive. Over a five-year sample period following implementation at London’s Heathrow & Gatwick Airports, Virgin Atlantic reported a 30% increase in on-time departures, 22% fewer delayed flights and $5M of cost savings.

Cleverly, Avtura’s apps offer advantages for all stakeholders in the system, not just the airlines: ground handlers get better scheduling & staffing deployment data, airports get more transparency on potential delays allowing efficient runway usage, and so forth.

Lockdown Woes

Not surprisingly, 2020 was not a stellar year for Avtura. Revenues are partly driven by flight numbers which were down very substantially. However, the technology is deployed in 62 airports across four continents, with around 30 more in the pipeline for the coming year.

Valuation

Revenues were around £600k for 2019 and we’re confident that as countries come out of lockdown and travellers return to the air, with the strong pipeline there’s no reason 2021–22 won’t be substantially higher. Valuation therefore looks attractive as long as air travel does return to some sort of normality fairly soon.

The CEO Chris Meeking (an ex-Royal Navy officer who used to joke at pitch events that he spent the early part of his career trying to shoot aircraft down, and now spends his life trying to keep them in the air!) continues to invest his own money and we’re happy to support him.

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