Avelo said Monday that it closed on a new round of “significant” funding to help grow its scheduled passenger operations. A specific dollar amount was not disclosed.
The ultra-low-cost carrier added that this financing round represents its “single largest investment” since the airline’s initial Series A funding. Avelo began operations in 2021, and now boasts a fleet of 22 Boeing 737 aircraft.
“Today marks another important milestone for Avelo. This new capital strengthens our liquidity position and positions us to continue delivering reliable, affordable travel options to millions of Customers who are underserved by other carriers,” Avelo founder and CEO Andrew Levy said in a news release.
“This investment comes at a pivotal time in the domestic airline industry and will allow Avelo to double down on an addressable market that is too often being priced out by higher fare airlines.”
Later this year, the airline says it plans to launch a new loyalty program and co-branded credit card to boost ancillary revenue.
