Avelo Airlines has secured a third round of funding to support its expansion across the United States and the Caribbean. The company did not disclose the “significant” amount nor the investor.
Avelo Airlines founder and CEO, Andrew Levy, said: "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. 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.”
Using this raise, Avelo plans to fund growth in areas such as its scheduled service operation, to make targeted technology investments, and to enhance the overall customer experience.