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  • Writer's pictureGrace Kirkpatrick

News: Keyframe leads Aero’s $20M Series A

Keyframe recently led a $20 million Series A for Aero, a luxury air travel start-up. Read more about the news below, where we’ve shared a re-print of the article from the San Francisco Business Times. The original article can be found here.


S.F. high-end air travel startup Aero scores $20 million in Series A funding

By Alex Barreira – Staff Reporter, San Francisco Business Times

Updated Mar 4, 2021, 2:52pm PST

Aero Technologies Inc., a high-end San Francisco jet startup from Uber co-founder Garrett Camp, has raised $20 million in Series A funding, the company announced Thursday.

The venture round was led by Keyframe Capital and includes Cyrus Capital Partners and Expa, the startup incubator run by Camp where Aero was launched in 2019. The funding, which brings Aero's total to date to $50 million, will help the company introduce new routes in the U.S. market.

"It’s totally counterintuitive to fundraise for an airline during the pandemic," said CEO Uma Subramanian, an aerospace engineer veteran who was previously CEO of Airbus' helicopter service, Voom.Flights. "But while it is a tough time to be a mainline carrier, it's a spectacular time to start from scratch because assets are at a historic low price."

Aero offers leisure travelers a luxury experience somewhere between what Subramanian called the "two extremes" of premium air travel: "very commoditized business or first-class experience on the commercial carriers, or a private experience that is unaffordable except for the top 0.1% of people."

Waiting in line? Forget it. The "semi-private" on-demand charter service gives passengers access through private lounges, white-glove concierge luggage service and VIP-level accommodations. Its distinctive all-black planes feature high-end touches such as hand-stitched Italian leather seats, suede interior walls and a custom sound system. According to Subramanian, the idea is to elevate the enjoyment of the journey to the level of the destination.

"Our thesis is, why can't we make air travel a part of the experience?" she said.

The planes' spacious interiors — the planes are designed to accommodate 37 seats but only have 16 — made the transition to Covid-era service all the smoother. Compared with commercial flights, the Aero planes offer fewer touch points and the pre-boarding process has been redesigned with Covid-19 in mind, Subramanian said.

After testing the concept for several months last summer in Europe — it ran Mykonos-to-Ibiza and Nice-to-London flights before pandemic-related restrictions grounded planes — Aero last month debuted its first U.S. route between Los Angeles and Aspen, Colorado. One-way tickets start at $1,250.

Aero specializes in shorter flights that offer greater opportunity for market disruption, the CEO said, compared with premium products available for coast-to-coast offerings from other carriers, such as JetBlue Mint. Aero's next route, slated to launch in April, is between Los Angeles and Cabo San Lucas.

While the Bay Area market is "on the radar," the focus right now is on the Los Angeles market, which Subramanian compared favorably to London as a destination of "trendsetters and discerning creative travelers." She's optimistic that leisure travel is on the cusp of a big rebound.

"Demand is going to come back like never before," Subramanian said. "People are ready to go places."


The views expressed here are those of the individual Keyframe Capital personnel quoted and are not the views of Keyframe Capital or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by Keyframe Capital. While taken from sources believed to be reliable, Keyframe has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.

This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by Keyframe Capital. Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by Keyframe Capital, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results.

Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.


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