Virgin Voyages Secures $550 Million in New Funding
One of the newest cruise lines sailing is poised for a bright future after securing $550 million in new funding from new and existing investors. Virgin Voyages announced the funding in a press release today and executives from the cruise line say it points to not just a bright future for the cruise line, but the industry as a whole as well!
The new capital was led by funds and accounts managed by BlackRock and includes new external financing and additional capital from existing investors including Bain Capital Private Equity and Virgin Group. Virgin Voyages has also received additional, continued support from its existing lenders. The goal is to use the cash infusion to continue the execution of its growth strategy and further strengthen its financial position as cruise demand continues to gain momentum.
“We have created an incredible product that both our investors and consumers truly believe in, and this additional capital comes at a time when we’re looking forward to exponential growth that will, in turn, help us achieve what we set out to accomplish,” said Tom McAlpin, CEO of Virgin Voyages.
Cruise Bookings are Up
Virgin Voyages has seen significant growth in bookings over the past six months and they’re saying this year is set to see a strong return across the industry as cruising sails back toward pre-pandemic levels.
“Virgin Voyages has successfully launched a new brand in the cruise industry and proven its appeal to both the traditional and non-traditional cruiser, allowing the brand to tap into new markets and re-imagine this travel category,” said Ryan Cotton, a Managing Director at Bain Capital. “The expansion and enthusiastic commitment of the investor group supporting Virgin Voyages is a testament to the attractive fundamentals of this brand and what makes it so special.”
Have you cruised with Virgin Voyages yet? Let us know in the comments!