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Odyssey Airlines to raise $8.4 million through crowdfunding

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(Credit: VCPost) The image shows passengers inside Odyssey Airlines.Odyssey Airlines
May 2
4:41 PM 2014

Odyssey Airlines has decided to go for crowdfunding to be able to raise $8.4 million of equity capital to be used in preparation for a launch to occur in the middle of 2016.

On Wednesday, CEO Adam Scott said that the company has chosen to undergo crowdfunding partly because of a successful peer-to-peer funding initiative for the airline firm.

The UK-based startup has placed an order for 10 Bombardier CS100s including five options. The company intends to do an all-business class service from London City Airport to an airport in New York.

The company did not identify the exact area in New York’s airport that it intends to use. Odyssey Airlines also expressed plans of operations expansion into Europe and the Middle East.

Odyssey intends to use the performance capability of CSeries which would allow it to operate into small-sized airports.

The company has plans to start its operation with a nonstop transatlantic flight from London City with 40 lie-flat seats. On the other hand, British Airways offers flight from London City to New York but with the short London airport runway, the aircraft could not take off carrying full fuel.

Instead, it should take a stop in Shannon, Ireland to refuel thus helping those aboard the flight to pre-clear immigration procedures before entering the United States.

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