Last checked at 27 Jul 2015 13:30
27 July 2015
Vela Technologies plc
("Vela" or the "Company")
Update on investment in Portr Limited - launch of AirPortr at Gatwick Airport
The Board of Vela (AIM: VELA), the investing company focused on early-stage and pre-IPO disruptive technology investments, is pleased to announce an update on its travel technology investee company, Portr Limited ("Portr"). Portr is a private UK company that is the owner of the on-demand airport luggage transfer service, AirPortr.
Vela is pleased to confirm that Portr has announced a long-term agreement to operate at London Gatwick Airport and has recently launched its services at the airport's South Terminal. In addition, AirPortr is expected to become operational at Gatwick's North Terminal after completion of the terminal's reconfiguration and refurbishment, which is expected by December 2015. With almost 40 million passengers annually, London Gatwick represents a major step up for Portr and provides the company with direct access to 32% of London's non-transferring traffic*.
Portr's service, AirPortr, was launched at London City Airport on 1 May 2014 and full operations commenced on 22 May 2014. The service enables passengers to book luggage transfers between the airport and their pick-up points or destinations, whether it be a hotel, home, office or serviced apartment, and is designed to give passengers luggage freedom to allow them to maximise their time in the city. Portr employs leading-edge technology across its web-booking platform and logistics engine that is integrated with CitySprint UK, the leading same-day, specialist logistics-provider. CitySprint UK manages and delivers the white-glove AirPortr operation. Since launching with London City Airport, AirPortr has delivered thousands of bags, with an unblemished record of every item delivered on (or before) time.
To date, Vela has invested £100,000 in cash in Portr over two funding rounds. The most recent investment in Portr of £50,000 was part of an overall £600,000 funding round conducted by Portr in May 2014, which valued Portr at £5.1 million post-money.
Commenting on the launch at Gatwick Airport, Randel Darby (CEO of Portr), commented:
"Today is a very exciting step for us all here at Portr, with Gatwick being the first major international airport to adopt the service. This will enable us to grow our already established user-base significantly. Gatwick has a real focus on innovation and passenger experience so I am delighted that they have identified AirPortr as valuable to that strategy, helping to deliver more seamless and integrated end-to-end journeys."
Antony Laiker (Executive Director of Vela) added:
"Today's news from Portr supports our view that the AirPort model is very saleable. We look forward to Portr continuing with its expansion, aided by the 100% delivery record and the credibility of this long-term agreement. We had previously indicated to shareholders that Portr would be expanding into other London airports and we have no reason to believe that this might not be the case."
* Source: CAA- UK Civil Aviation Authority 2014 figures
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