After the launch of Silverjet in 2007, Lawrence Hunt, its founder and chief executive, mused that among the lessons he had learnt during the fundraising process was: “Always raise twice as much as you think you need, because it's never enough.”

Never was a truer word spoken for a company that is facing soaring oil prices that hit $135 a barrel this week. A Luton-New York round trip now costs Silverjet more than £44,000, up from £28,600 in November 2007, according to Daniel Stewart, the investment bank - and even this charming, serial entrepreneur is finding it hard to raise enough cash to fill the gap.

Mr Hunt, 41, began hatching plans for the all-business-class carrier in 2004 with his cousin Chris Foyles, of the London bookshop chain.

Conveniently, his cousin had left the family firm in his early 20s to start Air Foyle, a cargo aviation business that has provided easyJet and other airline start-ups with licences and aircraft.

Mr Hunt's vision for Silverjet stemmed from his frustrations as a small businessman - he has six start-ups under his belt - with expensive business-class services charging £3,000 to £4,000.

He came up with a model that offered real business-class premium service for £999. It floated on AIM in 2006 and the first flight took off eight months later.

While his cousin is not on the board, Mr Hunt kept the family link by setting up a Foyles library in Silverjet's departure lounge at Luton.

Mr Hunt did not have the field to himself and the launch followed similar services from the American rivals Eos and MAXjet - both now failed.

Mr Hunt has started six technology and travel companies since 1984, selling his last one, Rapid Travel Solutions, to Telewest in 2001. Others include Novell, an American technology business; BMS, a technology consulting partnership, sold to Cap Gemini in 1992; Database Management Sciences; and lowcosttravelgroup.com, of which Mr Ward is a non-executive director.

Harrow-educated, he lives in Berkshire and is married, with three children.

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