Vela Technologies Invests GBP150,000 More Into Travel Start-Up Portr

29th Mar 2018 10:50

LONDON (Alliance News) - Investment firm Vela Technologies PLC said Thursday it had invested a further GBP148,466 in travel technology company Portr Ltd.

Portr - which trades as AirPortr - allows passengers to check-in their luggage from any London address meaning they do not need to transport their bags to the airport themselves.

Vela will acquire a further 37,117 shares in Portr and take its total investment to around GBP660,000. Following completion, Vela will hold 162,736 shares ot a 3.1% stake in Portr.

Vela made the additional investment after it exercised its rights in connection with a Series A fundraising round undertaken by Portr in October 2017. In total, Portr raised GBP5.3 million of which GBP2.0 million was from Stobart Group Ltd.

"Completion of this Series A funding is a significant event for Portr, incorporating both the support of Stobart Group as a substantial shareholder and the strong endorsement of the Airportr platform," Vela Executive Director Anthony Laiker said.

"Airline passengers are fully aware of the issues of managing bag capacity, particularly at busy times," Laiker added. "In addition, airlines are now understanding the benefit of check-in services away from the airport itself. Airportr will be part of this fundamental change to "bag free" travel. We look forward to further news from Airportr regarding their airline and airport partners."

Shares in Vela were flat at 0.55 pence on Thursday.

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