Brazil-based on demand platform Flapper has raised $6 million in a Series A extension, complementing the $2 million equity round raised last year. The round was led by the private equity fund DXA and the alternative investments fund Arien Invest. Participating investors include existing shareholders Investidores.VC and SMU.

Flapper had previously raised seed capital from Latin American aerospace fund Aerotec and Brazil's leading accelerator ACE, as well as individual angel investors.

The new funds will be allocated to investments in technology and flight operations, including acquisitions. As a part of its vertical expansion, it plans to direct its resources to a fractional management programme, allowing existing and future aircraft owners to buy shares in selected jets and turboprops that Flapper intends to operate indirectly.

CEO Paul Malicki says: "With the success of its regional expansion, Flapper is now looking to consolidate its leadership with innovative management programmes run in close cooperation with its partner operators. We continue serving all the stakeholders with our disruptive asset-light marketplace platform, which is now poised to offer a full spectrum of business aviation services from pay-per-seat deals to charter flights to aircraft acquisitions and management.

Lead investor DXA, which previously invested in Brazilian cargo airline Modern, is not new to either technology or aviation. CEO Oscar Decotelli believes that private aviation in the Latin American region represents a stable and high performing sector that is underserved from the customer's standpoint. He says: "In the current crisis market perspectives, private aviation is a reliable bet. The Flapper team is well versed and well equipped to build 'Netjets' not only in Latin America but in all emerging markets. We look forward to supporting it along the journey."

Using its mobile app, Flapper customers can currently get a quote from one of 1,150 safety-vetted aircraft available for charter on its marketplace or buy individual seats on pre-scheduled flights. A proprietary quotation system estimates the price of the charter flight, which the company claims can be then arranged in less than two hours. Flapper's shared service is available on routes in Brazil, which include São Paulo and Rio de Janeiro, as well as São Paulo and Angra dos Reis. Other so called 'Flapper Specials' include pay-per-seat helicopter transfers for events such as the upcoming Brazilian Grand Prix F1, and numerous empty legs across Latin America and Europe.

The company also shares business aviation's commitment to greener operations. To catalyse the entry of all-electric aircraft to urban and regional air mobility, it has so far signed letters of intent with a number of OEMs. These include both conventional fixed wing concepts (magniX), as well as eVTOL/ eSTOL programmes such as Electra, Jaunt Mobility and an Embraer spin-off Eve Mobility. Malicki sits on Eve's advisory board.

The vision for green mobility and technological disruption of business aviation were also one of the factors that attracted investors to the current round. Arien Invest partner Mario Candido Neto says: “A part of the fund's investment thesis with its investors is that Arien plays active roles in companies committed to innovation and sustainability.” Previously operating a $40 million infrastructure fund, Arien Energy Ventures, the company is now evaluating vertiport investments in the region to be used by Flapper.

In 2021, Flapper increased its year-on-year revenues two and a half times, while its gross profit swelled by three times compared to 2020, and 11.2 times versus 2019. It reported a quarterly profit in Q1 2022 and now counts 350,000 mobile apps, mostly from Latin America. It boasts a local presence in Argentina, Brazil, Chile, Colombia and Mexico as well as Florida in the US and Portugal in Europe.

Flapper estimates that the existing air charter market in Latin America oscillates around the $2 billion mark, with the global market exceeding $10 billion or more. Flapper's own research demonstrates that its main market in Brazil has more than 400,000 air charter clients for charters and 2.7 million potential by-the-seat clients. Mexico, the world's third largest business aviation market, has recently surpassed Brazil in the number of private jets, but it lags behind in terms of turboprops and helicopters. The company argues that the future electrification of aviation can triple the size of the general aviation sector, offering access to new and previously abandoned routes and landing spots, as it promises a cheaper, environmentally friendly and virtually noise-free alternative to existing modes of transportation.