Vela Technologies PLC Update on investment in Portr Limited (2242T)

TIDMVELA

RNS Number : 2242T

Vela Technologies PLC

10 October 2017

10 October 2017

Vela Technologies plc

("Vela", the "Company" or the "Group")

Update on investment in Portr Limited - AirPortr secures GBP2m investment from Stobart Group

Travel technology start-up has secured GBP2 million investment from Stobart Group to address airport capacity constraints

The Board of Vela (AIM: VELA), the investing company focused on early-stage and pre-IPO disruptive technology investments, notes the recent press coverage on Portr Limited ("Portr"), the London-based travel tech start-up, which has secured GBP2 million investment from Stobart Group as part of a larger funding round.

The Board of Vela also note the recent press coverage with regards to London Southend Airport, which is owned by Stobart Aviation, on their application for permission to extend its terminal building.

As at the date of this announcement, Vela has an interest 125,619 shares in Portr equivalent to 3.7 per cent. of Portr's existing issued share capital. Vela's interest in Portr has increased following a further cash investment of approximately GBP11,000 made by Vela in Portr in September 2017.

Portr's press release in relation to the investment by Stobart Group is copied below:

AIRPORTR SECURES GBP2M INVESTMENT FOR FUTURE OF CITY LUGGAGE CHECK-IN SERVICE

Travel technology scale-up, AirPortr has secured GBP2 million investment from Stobart Group in order to address airport capacity constraints

Stobart Group has invested in mobile luggage check-in and delivery service, AirPortr, enabling flexible and efficient luggage transportation for airline passengers. The unique partnership follows the UK government's call for evidence to create a new aviation strategy, which included city check-ins for luggage that puts passengers at its heart through improved accessibility, customer experience and security.

Utilising Stobart's ownership of the entire supply chain including logistics, aviation services and infrastructure, the partnership will create a co-branded logistics solution 'powered by Stobart Aviation', that looks to create a new urban handling model, addressing capacity constraints for airlines and airports, while improving the customer experience.

AirPortr's mobile luggage check-in and delivery service was successfully launched with British Airways in October 2016 and is the first in the world to be integrated into airline booking systems. Bringing the bag drop to travellers' doorsteps, AirPortr facilitates faster and easier travel by erasing the wasted time and added logistical stress caused by transporting luggage to, from and through airports.

The investment from Stobart, as part of a larger funding round, will support AirPortr as part of the company's ambitious plans to expand its services with several additional airline partners and in new cities around the world within the next three years.

AirPortr vans will also be co-branded with the Stobart Aviation logo, the first time the superbrand has chosen to display its logo alongside a scale-up.

Randel Darby, CEO and Founder of AirPortr said: "In addition to the credibility of being backed by a FTSE 250 company and one of Britain's best known brands, we are excited to be working with Stobart and the operational expertise that the Group brings. This investment will help us to meet increasing demand for an alternative mobile check-in solution in cities around the world. Airline luggage logistics have long lagged behind some incredible developments in travel technology and we're proud to pioneer a solution, which we feel could represent the biggest step change since the boarding pass went mobile."

Warwick Brady, CEO of Stobart Group said: "London airports are at peak capacity and this is having a major knock-on effect on customer experience. We believe that there are opportunities to improve the experience throughout the aviation supply chain; from hassle-free airports, to well managed and efficient luggage handling. We're excited to support AirPortr, a business with logistics at its heart, to become another key component to a vertically integrated aviation business capable of improving airport capacity."

AirPortr is currently partnered with Gatwick and Heathrow airports in London and the service is offered to British Airways customers via its online channels and mobile app.

For more information about AirPortr visit airportr.com.

Antony Laiker, Executive Director of Vela, commented:

"This investment by Stobart in Portr not only further endorses and adds to the credibility of the business of AirPortr but also provides the route forward for AirPortr to be able to offer its service to a wider audience directly through their airline when booking their flight."

For further information, please contact:

 
  Vela Technologies plc 
   Brent Fitzpatrick, 
    Non-Executive Chairman     Tel: +44 (0) 
    Antony Laiker, Director    7802 262 443 
   Allenby Capital Limited 
    (Nominated Adviser) 
    Nick Athanas/Katrina       Tel: +44 (0) 
    Perez/Asha Chotai          20 3328 5656 
   Smaller Company Capital 
    Limited 
    (Broker)                   Tel: +44 (0) 
    Rupert Williams/Jeremy     20 3651 2910 
    Woodgate 
 

About AirPortr:

Founded in 2012 by entrepreneur Randel Darby, AirPortr is pioneering flexible and efficient luggage transportation for airline passengers.

AirPortr is the world's first mobile luggage check-in and delivery service that is integrated in airline booking systems. The service was successfully launched in 2016 in partnership with British Airways and is currently available for British Airways customers travelling via Heathrow and Gatwick airports in London.

AirPortr expects several more airlines to be added to the platform over the coming year in response to inbound interest and increasing demand for alternative mobile check-in solutions.

AirPortr customers can check-in their luggage from home, at the office or in their hotel lobby from the day before travel up to seven hours before flight departure, choosing a one-hour collection slot.

AirPortr drivers are strictly vetted to aviation standards and use the company's mobile technology to reconcile customer identification documents and baggage with airline systems as part of its secure process for check-in and delivery to the airline.

AirPortr's services were developed following consultation with the Civil Aviation Authority and Department for Transport and working with established and trusted partner airlines to ensure the service is compliant with strict aviation security regulations. All bags are sealed with tamper-aware technology upon collection and vehicles remain locked at all times.

For more information go to airportr.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCLLFVVIRLILID

(END) Dow Jones Newswires

October 10, 2017 09:42 ET (13:42 GMT)