Growth Rounds Without a Letter: Inside Aircastle's $500M

Tom Miki, founder of Aircastle (Stamford, Connecticut), has $2.1B on record, most recently a $500M Growth in July 2023.

Aircastle has $2.1B on record. The latest round is a $500M Growth (July 2023). Size your own round against the evidence it must buy, not against the stage letter.

Key takeaways

Not every round gets a letter. Growth capital is negotiated against different evidence: retention, unit economics and a credible path to funding operations without the next round.

The record here belongs to Tom Miki, founder of Aircastle (Stamford, Connecticut).

| | | |---|---| | Founder | Tom Miki | | Company | Aircastle (Stamford, Connecticut) | | Total raised | $2.1B | | Latest round | Growth — $500M | | Round date | July 2023 | | Named participants on record | Marubeni, Mizuho Leasing |

This round is 24% of everything raised to date, so earlier rounds still shape the cap table.

The round size sets the next evidence bar. Investors size the following round against what this one was expected to buy. Write that expectation down before you sign.

Named participants signal the buyer pool. Marubeni, Mizuho Leasing are on record here. Funds with that profile are the realistic audience for a comparable raise.

Timing is data. The round closed in July 2023. Fundraises take longer than founders plan; count backwards from the date you need cash, not from the date you want a term sheet.

1. Write the two or three pieces of evidence your next round must show. 2. Cost out the months and headcount required to produce that evidence, then add a third for slippage. 3. Build the investor list from funds that have written cheques of this size at this stage, not from brand preference. 4. Ask each lead what they expect to see at the next round, and hold them to it in writing.

The letter on the round matters far less than whether the money buys the evidence the next buyer needs.

Frequently asked questions

How much has Tom Miki raised for Aircastle?
Aircastle has $2.1B in disclosed funding on record, most recently a $500M Growth in July 2023.
Who invested in Aircastle?
Named participants on record include Marubeni, Mizuho Leasing. Records list participants, not allocations or terms.
Where do these figures come from?
Structured founder funding records: total raised, round stage, round amount, round date and named participants. They exclude valuation, terms and board composition.

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•By Alejandro Cremades