Sustainable Aviation Fuel (SAF) startup FlyORO successfully closed a Pre-Series A round, securing USD 1.6 million. The round is led by Audacy Ventures, a venture capital firm dedicated to catalyzing and scaling technology solutions driving the energy transition. The round also included participation from Asia-Pacific based VC Investible and other private investors, who are also advocates in the field of sustainable innovations.
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Audacy Ventures has already made a number of strategic investments in the SAF industry, including a collaborative venture with Qantas, Airbus and LanzaJet, aimed at propelling the Australian market in the SAF sector. The addition of FlyORO to their portfolio further enhances the strength of their devotion towards developing the SAF value chain, reinforcing their dedication to fostering the SAF market growth.
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The proceeds from the pre-Series A round will be instrumental in accelerating ongoing projects and supporting FlyORO’s international expansion efforts. The initial focus will be on strategic initiatives in both the Australian and United States markets. Looking ahead, FlyORO plans to commence the next financing round in the second half of 2024, continuing its trajectory of innovation and commitment to sustainable aviation practices.
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Toby Chan, Co-Founder and Partner of Audacy Ventures commented: “SAFs play an essential role in our global efforts to decarbonize the aviation industry. Audacy is excited to back the FlyORO team to be an innovative enabler to the SAF supply chain and assist in scaling their modular on-demand blending solution internationally.”
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Ben Lindsay, Investment Manager at Investible commented:“FlyORO represents an exciting and unique opportunity to reduce the climate impact of a critical sector. Although SAF is expensive, the demand is growing rapidly. While producers and refiners continue their great work towards reducing the cost of SAF, we firmly believe in FlyORO’s ability to enable airlines and airports to adopt SAF sooner and work towards their emission reduction goals through FlyORO’s AlphaLite blending technology.”
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Jonathan Yeo, FlyORO’s CEO, reflects, “2023 has been a pivotal year for us. We launched with Jet Aviation as our SAF partner for our Singapore market in April, and in just 7 months, we are going beyond our borders, much earlier than we expected.” Yeo further adds, “Through our fundraising journey, we have been extremely meticulous in partnering with the appropriate strategic stakeholders, and we’re proud to have Audacy Ventures and Investible to join us in our pre-series A round”.
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About FlyORO
FlyORO provides the world’s first revolutionary, modular, on-demand blending service of SAF and jet fuel to enable aviation on its emissions reduction journey. As an enabler to the SAF supply chain, we enable flyers the flexibility to align their ESG targets per flight rather than be succumbed to fixed blend ratios and bulk commitments upfront.
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