MIAMI – Breeze Airways (MX) has secured today US$200m in series B funding, just three months after launching operations.
The funds, led by accounts managed by BlackRock and Knighthead Capital Management, will be used to fuel growth and continue the expansion of the airline.
With 39 routes out of 16 cities, the Salt Lake City-based airline has broken into the competitive US market by offering passengers non-stop service between secondary cities that previously required connecting flights.
Hubs for Breeze include Tampa (TPA) and Charleston (CHS), with routes to Providence (PVD), Richmond (RIC), Hartford (BDL), Louisville (SDF), Tulsa (TUL), Norfolk (ORF), Columbus (CMH), Fayetteville (XNA), Akron (CAK), Oklahoma City (OKC), New Orleans (MSY), Pittsburgh (PIT), San Antonio (SAT) and Huntsville (HSV).
According to the airline, 95% of its initial routes did not have existing non-stop, year-round service.
The airline has already transported 100,000 passengers since starting operations, according to information gathered from MSNBC.
Breeze to Success
When explaining Breeze’s strategy in an exclusive interview with Airways, David Neeleman, founder and Chief Executive Officer of Breeze said, “We think we can make the market 10 times bigger than it is today and in some cases 20 times bigger.”
He continued, “Even if there are only 5 PDEWs (Passengers Direct Each Way) in a market if we can take it to 100 PDEWs then we will create a market that didn’t exist today.”
In October of this year, Breeze will begin taking delivery of its Airbus A220s at a rate of one jetliner per month. Currently, the airline operates a fleet of Embraer E190s leased from Nordic Aviation Capital, and E195s subleased from Azul (AD).
The new aircraft will be used on routes longer than two hours, complementing the existing Embraer aircraft.
Commenting on the series B funding, Neeleman said, “We look forward to working with our new investors, humbled to be considered the best-funded startup in U.S. aviation history, and are excited about the growth that it will fuel.”
Featured Image: Kochan Kleps/Airways