Avelo Airlines Raises $42M in Series B Funding
Summary
The round, which increases airline’s invested capital base to over $160m was led by Morgan Stanley Tactical Value (MSTV). The company intends to use the funds to expand operations and its business reach. Led by Founder, Chairman and CEO Andrew Levy, Avelo operates a fleet of Boeing Next-Generation 737 aircraft, serving 19 popular destinations across the U.S., including its West Coast base at Los Angeles’ Hollywood Burbank Airport (BUR) and its East Coast base at Tweed-New Haven Airport (HVN). In 2021, Avelo achieved the following milestones: • Ended the year with six NG 737s (three 737-700s and three 737-800s) • Delivered a completion factor of 99.8% – canceling only seven flights since its inaugural departure Avelo shared the following plans for 2022: • has made commitments to add nine more aircraft into its fleet by the end of 2022 • plans to more than double its nationwide network of destinations from 19 to at least 40 markets across the U.S. • expects to add more than 450 Crewmembers