HOUSTON, TX, Avelo Airlines, which became America's newest mainline airline in nearly 15 years when it took flight last April, today announced it raised $42 million in Series B funding.
This second-round offering increases Avelo's invested capital base to over $160 million.
Avelo raised approximately $125 million in January 2020. The Series B shares sold at a significant premium to the original Series A shares.
An investment fund managed by Morgan Stanley Tactical Value (MSTV) invested an additional $30 million beyond their Series A investment. With this additional significant investment, MSTV is now by far Avelo's largest shareholder.
Avelo Airlines was founded with a simple purpose - to Inspire Travel. The airline offers Customers time and money-saving convenience, very low fares, and a refreshingly smooth and caring experience through its Avelo Soul of Service culture. Operating a fleet of Boeing Next-Generation 737 aircraft, Avelo serves 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).
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