Participated · Series A · Dec 2022

Flapper operates an asset-light marketplace that lets customers quote and book charters via a mobile app from a safety-vetted pool of roughly 2,500 aircraft and buy seats on pre-scheduled flights. Its proprietary quotation system can estimate and arrange a charter in under two hours, and the company runs per-seat helicopter transfers and crowdsourced “Flapper Specials” including empty legs in Latin America and Europe. Management says the business is expanding vertically into aircraft management and will launch a fractional aircraft management program to let owners buy shares in selected jets and turboprops the company will operate indirectly. Flapper has signed letters of intent with multiple OEMs to catalyze entry of electric aircraft and its CEO sits on the advisory boards of Eve and Supernal. Financially, Flapper reported 38% year-on-year revenue growth in Q1 2024, a 50% reduction in costs, and turned a profit that quarter; the company also reports 400,000 mobile app users. The company maintains a local presence in the US, Europe, Argentina, Brazil, Chile, Colombia and Mexico and operates in the Middle East and India through its network of associates. Flapper is a Belo Horizonte, Minas Gerais, Brazil–based private aviation company that provides aerial mobility solutions using jets, turbo-props and helicopters. The company leverages proprietary inventory and technology and has signed partnerships with firms such as Embraer and Electra to improve the flight experience. Flapper reports 350,000 users of its app, mostly from Latin America, and currently operates in Argentina, Brazil, Chile, Colombia, Mexico, as well as Florida (USA) and Portugal (EU). It raised US$5.6M in a Series A and has approximately US$9M in total funding to date. The company intends to use the Series A proceeds to consolidate its market position in Latin America. Flapper is led by CEO Paul Malicki and emphasizes international experience combined with its technology and partner network to expand regionally.

Led · Equity · Sep 2014

Modern Logistics is a Brazilian one-stop-shop full-service logistics firm operating an integrated air cargo operation, trucking network, and warehousing services. The company was founded by Gerald Lee, a former JetBlue VP and co-founder of Azul airlines, and is backed by DXA Investments. Modern operates 8 distribution centers, connects more than 14,000 trucks to its network, and runs its own air cargo operation with a fleet of 4 aircraft. The company targets a U$150 billion addressable market and positions its platform as a way to create jobs, reduce inefficiencies, and open new markets. Financially, Modern has raised U$65 million in funding to date, including a recent convertible debt issuance; terms of the convertible were not disclosed. Modern expects to raise up to U$150 million to fund working capital needs for its planned expansion. Modern Logistics is building Brazil’s first multimodal logistics platform that integrates air and ground operations and offers warehousing, pick-and-pack, and multimodal distribution. The company targets industrial clients and high-value goods such as electronics, pharmaceuticals, cosmetics, and auto parts with tailored supply-chain solutions emphasizing speed, security, and cost-efficiency. Modern plans to operate Boeing 737-400 freighter aircraft connecting strategically located logistics centers and is taking delivery of 737-400F aircraft for medium- and long-haul routes. Management is led by Gerald Blake Lee, a founder of Azul Linhas Aéreas and former JetBlue vice president; JetBlue co-founder John Owen is an investor and joined the board. The company closed an initial private equity investment of up to R$75 million (≈$30M) from Rio de Janeiro-based DXA Investments and expects to launch operations within two months. DXA will help facilitate future financing rounds and TAP Advisors acted as financial advisor to the transaction.