Posted on: 07 February 2011 by Ross McSweeny
Inflight connectivity provider, Aircell, has closed a $35M financing with its existing investors and Aircell’s management team.
It is expected that proceeds of the financing will be used to fund growth in both commercial and business aviation markets where presently Aircell offers internet connectivity solutions through its Gogo, Gogo Biz and other services.
"2010 was the year Inflight Internet went mainstream,” said Michael Small, Aircell President and CEO. "Since securing our exclusive spectrum license in 2006, we’ve raised more than $500M."
Existing investors include Ripplewood Holdings, a major private equity group, Blumenstein/Thorne Information Partners and other investment entities associated with investor/entrepreneur Oakleigh Thorne.
In 2011, Aircell hopes to increase its base of installed aircraft by an average of three per day in the airline market. Gogo internet connectivity for laptops, smartphones and PDAs is available on nine of the top 11 U.S. airlines and on nearly 6,000 business aircraft.