Shenzhen-based business aviation company Amber Aviation announced that it has successfully completed its Series C funding round and will launch fractional aircraft ownership program by the end of the third quarter of 2024.

Amber Aviation, under its sub-brand AmberNet, plans to launch a full fractional aircraft ownership program via which owners can purchase a share representing a set number of flight hours per year with guaranteed availability and a minimum notice period of 24 hours.

At the end of the contract term, owners will be able to sell their fraction of the aircraft or continue with the program without incurring any additional acquisition costs.

“I am delighted to announce the successful closure of Amber Aviation’s Series C funding round. This achievement provides substantial financial backing for the imminent launch of our flagship initiative, the fractional ownership program, setting a solid foundation for a successful program introduction and future accomplishments,” said Chang Qiusheng, founder and president, Amber Aviation.

Amber Aviation garnered strong support from its existing shareholders during the Series C financing round for its sub-brand AmberNet.

Launched in April 2022, AmberNet launched China’s first fractional lease program to allow clients to own have aircraft without the high costs. This program resonated across Asia, with many clients choosing to join the program from across the region beyond China including growth economies in Southeast Asia.

The company said that one of AmberNet’s Gulfstream G450s was the busiest private jet in 2023, having flown more than 1,100 hours. With an average of 900 flight hours per aircraft, AmberNet achieved the utilisation rate for business jets in line with the industry average.