Private aviation company FlyUSA has leased a space at Tampa International Airport and is raising capital to support the added business.
In October 2023, the company started a five-year lease for the 20,000-square-foot facility at the airport. It also hired a maintenance director in the fall. The new space houses maintenance operations and primarily serves the owners of the 18 planes FlyUSA manages in the region, CEO Barry Shevlin told Tampa Bay Inno.
"We've had a great year, and some of our existing investors wanted to put capital in the business," Shevlin said.
The company received $600,000 in December in exchange for convertible promissory notes — debt that converts into equity — from four investors, according to a U.S. Securities and Exchange Commission filing. The offering adds working capital to the company to support this new business, Shevlin said.
The company currently brings in around $25 million in annual revenue and is profitable, Shevlin said. In June, FlyUSA acquired local private aviation company 3B Aviation for an undisclosed sum.
