Our investee, Flapper, has recorded remarkable growth in the private flights sector, becoming a viable option given the increase in prices at Ponte Aérea, a consequence of the closure of Avianca operations. Avianca’s previous practice of last-minute offers contrasted with the tendency for prices to increase as the flight date approached. Nowadays, for same-day or next-day flights, prices rarely fall below R$1,000 per segment.
Operating with King Air, Flapper offers flights for R$950, including tickets and luggage, landing at Jacarepaguá Airport. Although it is called the “Uber of business aviation”, Flapper positions itself as a “boutique airline”. Founded in 2016, the company began as an executive aviation marketplace, offering air taxi charters and individual seats on unoccupied flights.
Over time, Flapper took on the seat risk, selling seats on pre-booked routes. The Avianca crisis boosted demand for its services by 80%, and the company plans to expand its flights due to the early closure of Santos Dumont Airport.
Currently, Flapper transports around 500 passengers per month, with gross revenue that doubled in the second quarter compared to the previous year, aiming to reach R$1 million per month. Still looking for financial stability, the company, which has already raised R$3 million in initial capital, is in the midst of a Series A financing round to finance its expansion in Latin America and invest in technology. The new type of flight with shared seat and risk will also be introduced, offering customers the option of choosing the level of financial risk they are willing to assume.
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