Avelo Closes Largest Funding Round, Boosts Tech and Services

Avelo Airlines has announced it closed a significant Series C funding round, marking the airline’s largest capital raise since its inaugural Series A funding in January 2020. The funding amount and investor identities remain undisclosed.

The Houston-based ultra-low-cost carrier will use the investment to upgrade technology platforms and enhance customer experience.

The company initially operated charter flights as Casino Express Airlines and Xtra Airways. In April, 2021, it transitioned to scheduled operations and rebranded as Avelo Airlines.

Following the rebrand, Avelo has flown nearly eight million passengers on over 62,000 flights, currently serving 47 cities in 18 states plus Puerto Rico. It also services international routes to Jamaica, Mexico, and the Dominican Republic.

Avelo’s growth strategy is focused on connecting smaller airports and underserved markets, providing affordable travel.

This year’s notable funding cases in travel include UK’s UnderTheDoormat receiving $7 million from OMRAN Group, Highside Companies securing $500 million from affiliates of Apollo Global Management, and Eve Air Mobility’s $230 million equity raise.

Photo by Jessica Newendyke on Unsplash