OpenAirlines raises €1m from Alter Equity

José Rojo
04 June 2015

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Alter Equity has injected €1m into French software and consulting business OpenAirlines, marking the second deal for its latest impact investment fund Alter Equity 3P.

The funding round, the first for OpenAirlines, was split evenly between equity and convertible bonds.

Alter Equity secured a 25% stake in the business, according to the firm. Meanwhile, founder Alexandre Feray co-invested and will retain the remaining 75% shareholding.

OpenAirlines intends to use the fresh funds for the development of Skybreathe, its airline fuel efficiency software system, which was launched in 2013. The company foresees room for growth as only 2.5% of airlines worldwide have invested in fuel conservation technologies to date, while kerosene represents 30% of air carriers' expenses, according to its estimates.

The deal marks the second investment by Alter Equity 3P, the firm's latest impact investment fund. Launched in late 2013, the vehicle raised €33m at final close in April 2015, up from the €21m reached at first close in October 2013.

Drawing commitments from LPs including Idinvest Partners, Natixis, BNP Paribas, BPI France and Région Île-de-France, the fund targets €500,000-3m investments in French SMEs with revenues in excess of €1m and strong growth potential.

Its maiden deal took place in July 2014, when Alter invested €1m in French eco-friendly cosmetics business Boho Green.

Company
Founded in 2006 by Alexandre Feray, OpenAirlines started as a consultancy firm targeting clients in the airline and aerospace sectors, such as Air France and Airbus. In 2013, it launched Skybreathe, a software platform that provides airlines with real-time data for fuel consumption and energy efficiency during flights – allowing fuel savings of up to 5%, according to the business.

Headquartered in Toulouse, OpenAirlines posted a €1.1m turnover in 2014, a 30% uptick on its 2013 figures.

People
Alter Equity was represented by founder and CEO Fanny Picard. Alexandre Feray is founder and CEO at OpenAirlines.

Advisers
Equity – Dédia, Olivier Scheffel (Corporate finance); Scemla Loizon Veverka & de Fontmichel, François Bourrier-Soifer, Louis Chenard (Legal); Carbone 4, Stéphane Amant (Commercial due diligence).
Company – NFinance Securities, Benjamin Chavanat (Corporate finance); DMS Avocats, Jérôme Werner (Legal).