# Wingly Financial Model

Flight-sharing marketplace connecting private pilots and air operators with passengers to make private aviation accessible and affordable.

- Canonical: https://finamodel.com/startups/wingly
- Excel download: https://finamodel.com/startup-models/wingly.xlsx
- Category: Marketplace
- Model type: SaaS ARR / Valuation
- Funding round: Series A
- Funding: $5.8M
- Founded: 2020
- Geography: Europe; 3 countries live at time of deck; Paris HQ (97 Rue Oberkampf, 75011) [DECK, slide 18].
- Customer: B2C

## About the company

Wingly is a flight-sharing marketplace connecting private pilots and air operators with passengers who want more accessible private aviation. The platform manages listing, booking, payment, messaging, ratings, document checks, insurance, and regulatory trust for leisure flights.

The network had 300,000 members, 17,000 pilots, and monthly GMV of €450,000 across three countries. On an illustrative €130 booking, Wingly retains €25 through a fixed fee plus 15% of the pilot payout, implying a take rate near 19%.

The model builds GMV from active pilots, available flights, load factor, bookings, and average fare, then applies the blended commission rate. Passenger acquisition, pilot retention, insurance and payment cost, safety operations, and expansion into commercial empty-leg flights determine margin and future scale.

## What's included

- 5-year monthly revenue build with stage-appropriate growth assumptions
- Full P&L, headcount plan, and operating-expense schedule
- Cash-flow statement, runway, and burn-rate tracking
- Valuation via exit multiple with a DCF cross-check
- Returns analysis with MOIC and IRR
- Unit economics including CAC, LTV, payback, and cohort retention

## Product & value proposition

- Two-sided flight-sharing platform: private pilots list available seats on planned flights; passengers book and share cost.
- Three product pillars:
  1. Largest flight offering - 17,000 pilots, 3 countries, 500+ cities.
  2. Fully integrated UX - online booking, payment, confirmation, messaging, ratings in one flow.
  3. Transparency, trust & safety - pilot documents checked regularly, EASA certified, all flights re-insured by Allianz.
- Phase 2 roadmap (2020–2022): expand to commercial operators / empty-leg optimisation; Phase 3 (2023+): integrate eVTOL, drones.

## Market

- TAM: Transportation market - $1.8 trillion.
- SAM: Private aviation - $35 billion.
- SOM: Leisure aviation - $2.5 billion.
- No SOM share capture % or addressable passenger count given.

## Revenue model

- Commission-based marketplace:
  - Passenger pays €130 for an example flight.
  - Pilot receives €100.
  - Wingly takes €10 fixed fee + 15% of pilot payout = €25 total commission per transaction.
  - Implied take rate on GMV (passenger price): €25 / €130 ≈ 19.2%.
  - VAT: 20% × €25 = €5 collected on commission.
- Phase 2 revenue: commercial operator / empty-leg intermediation - commission structure not yet specified.
- No subscription, SaaS, or insurance revenue streams mentioned.

## Traction & metrics

- Community: 300,000+ members.
- Pilot supply: 17,000 pilots.
- Geography: 3 countries live.
- Monthly GMV: €450,000.
- Implied annualised GMV: ~€5.4m [calculated from deck figure].
- Team: 22 people, 11 nationalities.
- NPS: 89 for passengers; 75 for pilots.
- Regulatory: EASA certified, approved by all national regulators in EU, UK, Switzerland.
- Market position: self-described market leader in Phase 1 (leisure aviation cost-sharing) after 4 years.

## Unit economics

- Take rate: ~19.2% on passenger transaction value.
- NPS passenger 89 / pilot 75 - strong retention signal but no quantified retention rate.

## Competition / moat

- Competitive framing: private aviation "stuck in the 90s," not leveraging internet, overpriced, broker-heavy.
- Comparable internet-enabled models cited positively (not competitors): Uber, Lyft, Airbnb, BlaBlaCar, Deliveroo, Drivy.
- Moat sources implied: EASA regulatory certification (high barrier), Allianz insurance partnership, pilot community scale (17,000 pilots), NPS, brand trust.

## Team & funding ask / use of funds

- CEO: Emeric de Waziers (Berkeley).
- COO: Bertrand Joab-Cornu (ISAE SUPAERO, Berkeley).
- CTO: Lars Klein (Humboldt-Universität zu Berlin).
- Advisors: Philipp Rösler (Former Vice-Chancellor of Germany), Felix Haas (founder, Bits & Pretzels), Thibaud Elzière (founder, Fotolia / eFounders), Stéphane Mayer (CEO, Nexter).
- Backers: Axel Springer Plug and Play Accelerator, Howzat Partners.
- Funding ask: €3m.
- Use of proceeds:
  1. Product and engineering investment.
  2. Scale acquisition and geographic expansion.
  3. Launch of commercial transportation model (Phase 2).

## Recommended financial model

- Archetype + why: **Marketplace GMV model with commission revenue line.** Wingly's economics are entirely driven by GMV (number of flights × average booking value) with a blended take rate. Phase 2 adds a second GMV pool (commercial/empty-leg) with potentially different take rates. A 3-statement model sits underneath but the primary driver architecture is marketplace GMV → net revenue → contribution margin.
- Forecast horizon & granularity: 3 years monthly (Year 1–2) then annual (Year 3), to capture the Phase 2 launch ramp. Monthly granularity needed in Year 1 to model pilot/passenger cohort growth.
- Key drivers & assumptions:
  - **Monthly GMV (Phase 1 - leisure):** €450k baseline; MoM growth rate.
  - **Average booking value (passenger):** €130.
  - **Implied monthly bookings:** €450k / €130 ≈ 3,460 bookings/month.
  - **Take rate:** 19.2% of GMV (~€25/€130).
  - **Phase 2 GMV (commercial/empty-leg):**.
  - **Pilot supply growth:** currently 17,000;.
  - **Member-to-active-booker conversion rate:**.
  - **Geographic expansion:** 3 countries →.
  - **Headcount:** 22 people;.
  - **CAC:**.
  - **Gross margin on commission revenue:**.
  - **VAT:** 20% on commission is collected and remitted - model net of VAT for revenue.
- Scenarios (Base / Bull / Bear - which variables flex):
  - **Base:** GMV grows 6% MoM Phase 1; Phase 2 launches Month 15; 2 new countries by Year 2.
  - **Bull:** GMV grows 10% MoM; Phase 2 launches Month 10; commercial take rate holds at 18%; 3 new countries.
  - **Bear:** GMV growth slows to 3% MoM; Phase 2 delayed to Month 20; regulatory friction slows new country entry.
- Required sheets / outputs:
  1. **Assumptions** - all drivers in one place with Base/Bull/Bear toggles.
  2. **GMV Build** - Phase 1 (leisure) and Phase 2 (commercial) separate; bookings × AOV.
  3. **Revenue & Take Rate** - net revenue from commission; VAT passthrough.
  4. **P&L** - revenue → gross profit → EBITDA (headcount, marketing, tech, G&A).
  5. **Headcount Plan** - by function, monthly.
  6. **Cash & Runway** - €3m raise, burn rate, months of runway.
  7. **KPI Dashboard** - monthly GMV, bookings, active pilots, members, take rate, NPS (illustrative).

## Frequently asked questions

### Is the Wingly financial model free?

Yes. The Wingly model is a free Excel download with live formulas.

### Can I change the assumptions?

Yes. The workbook is editable and its live formulas recalculate when assumptions change.