South Korean startup hybrid carrier Air Premia plans to launch services in the first half of 2020 after securing a total of $33 million in capital ahead of starting its license application process.
The carrier discloses that it secured $22 million in Series A funding that closed on 7 September.
That funding exercise was led by Capstone Asset Management, Yuanta Investment, and Winvest Venture Investment.
In addition to $11 million in seed funding, its capitalisation is now above Seoul’s planned minimum of $27 million to license new carriers. Based on that it intends to submit its air carrier license application this month.
Chief executive and co-founder Jong Chul Kim says that strong investor interest demonstrates that it is the right time for a new medium- and long-haul hybrid carrier to enter the Korean market.
"This new funding will allow us to continue to grow our team and deliver our unrivaled service to customers around the globe to make premium air travel experience more affordable and attainable," he adds.
Air Premia is planning an additional $56 million Series B funding around once it receives its license.
Kim is a former chief executive of Jeju Air, and the airline says that it he is leading a group of flight operations, safety and maintenance executives.
It is planning to offer economy and premium economy classes and operate on routes six hours and longer. It is also looking to operate a single fleet of Airbus A330neos or Boeing 787-9s.
Source: Cirium Dashboard