Series A funding, in connection with Louisiana’s New Markets Tax Credit Jobs Act, supports FlyGuys’ growth in nascent drone industry
NEW ORLEANS–(BUSINESS WIRE)–Advantage Capital, a venture capital firm and small business lender, today announced it has closed a $2 million preferred equity investment in drone services provider FlyGuys. The Series A funding, in connection with the Louisiana New Markets Tax Credit Jobs Act, will help the company ramp up sales and marketing, purchase new equipment and drones, and triple its staff in Lafayette over the coming years.
FlyGuys connects its network of vetted drone pilots to clients with aerial imaging data needs, such as those in the construction, energy and utilities, agriculture or real estate industries. Like Uber or Lyft, FlyGuys is the platform connecting users of drone data with independent drone pilots across the country. Though commercial use of drones for data collection and analytics is still in its early stages, it has tremendous growth potential.
“Since FlyGuys began in 2018, we have seen impressive year-over-year growth as demand for drone services has climbed,” said Adam Zaynor, founder and CEO of FlyGuys. “This investment will help us take our business to the next level, allowing us to purchase additional remote sensing technology, or LiDAR, drones, invest in software and technology, and build out our pilot network.”
As drone use expands and its business grows, FlyGuys expects to add as many as 29 new, high paying jobs in the Lafayette area, primarily in sales, project management and software development.
“FlyGuys’ growth in the burgeoning drone industry is a major win for Lafayette and the entire southern Louisiana economy, which has historically been reliant on the oil and gas industry,” said Senate President Page Cortez, R-Lafayette. “I’m excited to watch the company grow and help to diversify our local economy.”
“This investment in FlyGuys illustrates the important role the Louisiana New Markets program has in helping our state’s economy recover,” said Senator Rick Ward, R-Port Allen. “Through business expansion, companies like FlyGuys can create the good quality jobs we need to help households and families prosper and communities thrive.”
The drone industry is taking flight, with the drone services market projected to reach $63.6 billion by 2025 (up from just $4.4 billion in 2019).
“We were immediately intrigued by the company’s early growth in a young, fast-growing industry,” said J.P. Lynch of Advantage Capital. “FlyGuys has the potential to be a highly visible company that can make a meaningful contribution to the community in terms of job creation and industry diversification.”
About Advantage Capital
Advantage Capital provides financing to established and emerging companies located in communities underserved by conventional sources of capital. Since 1992, the firm has invested more than $3.6 billion in companies from a diverse array of industry sectors and has helped support more than 65,000 jobs. Learn more at www.advantagecap.com.
FlyGuys is a nationwide drone services company that delivers aerial data collection solutions for many commercial industries and public sector entities including Energy, Agriculture, Construction, Engineering, Transmission & Distribution, Transportation, and more. Learn more at www.flyguys.com.
Advantage Capital is an investment adviser registered under the Investment Advisers Act of 1940. Registration does not imply a certain level of skill or training. The information in this release is not intended to be an advertisement concerning investment advisory services or an offer to buy or sell securities of any type. Advantage Capital is an equal opportunity provider.
The investments and portfolio companies referenced here represent only a sample of companies that have received investment capital from Advantage Capital-related entities. For a complete list of such companies, please see our website at advantagecap.com. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities highlighted herein or contained in any other information provided by Advantage Capital. Past performance is no guarantee of future results.
Joe Stosberg, Communications Specialist