Coflyt, the first-of-its-kind intelligent aircraft management software in the general aviation space, today announced the completion of a growth round of $500,000 in funding with a post-raise valuation of $3,000,000. Coflyt changes the way owners manage their aircraft as the first integrated tool to replace paper logbooks and spreadsheets. Since its release in fall 2019, Coflyt has been used to handle aircraft management for hundreds of single- and multi-engine aircraft globally.
Coflyt was started by Eric Hill at Mississippi State University and received seed funding from co-founder Tal Clark in May of 2019. “The completion of this growth round provides the capital that Coflyt needs to continue our engagement and rapid growth within the general aviation community,” said Clark.
“The adoption we’ve seen shows the value that Coflyt brings to the aviation sector,” said Clark. “We’re building on that through strategic partnerships with aviation innovators Share My Aircraft, Airbly, VREF, and aviation influencers such as Aviation101 and MojoGrip to share the excitement we’re seeing from the general aviation community.”
Coflyt will use the funding to continue to grow its presence in the general aviation space and share its digital solution for at-a-glance aircraft readiness with aircraft owners and partnerships as well as flying clubs and flight schools.
As a part of the raise, Coflyt will be moving into new office space within Jetty IoT in Pensacola, which is focused on supporting high growth companies within SaaS, Fintech and other industries developed around a recurring revenue stream. “Our hometown of Pensacola and Co:Lab have been tremendously helpful to us as a start-up, and we are excited about our next chapter with the support of the team at Jetty IoT,” says Clark.
“We congratulate Coflyt on securing their funding,” said Scott Luth of FloridaWest, “it is a testament to their strategic planning and innovative spirit, traits we love to see in our Co:Lab entrepreneurs. We look forward to their future expansion and the prosperity they will bring to Northwest Florida.”