Virgin Voyages has introduced that it has closed on $550 million in new capital to help its progress as a cruise model.
The funding was led by funds and accounts managed by BlackRock, and contains new exterior financing and extra capital from buyers, together with Bain Capital Personal Fairness and Virgin Group. The cruise line has additionally acquired further help from its current lenders.
In a press launch, Virgin Voyages mentioned that the brand new funding will allow it to “proceed the execution of its progress technique and additional strengthen its monetary place as cruise demand continues to realize momentum.”
“We have now created an unimaginable product that each our buyers and shoppers really consider in, and this extra capital comes at a time once we’re wanting ahead to exponential progress that may, in flip, assist us obtain what we got down to accomplish,” mentioned Tom McAlpin, CEO of Virgin Voyages.
After its preliminary deliberate launch in 2020 was delayed as a result of world pandemic, Virgin Voyages formally launched in August 2021 and at present operates two ships — Scarlet Woman out of Miami to the Caribbean, and Valiant Woman within the Mediterranean.
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“Virgin Voyages has efficiently launched a brand new model within the cruise business and confirmed its attraction to each the standard and non-traditional cruiser, permitting the model to faucet into new markets and re-imagine this journey class,” mentioned Ryan Cotton, a Managing Director at Bain Capital. “The enlargement and enthusiastic dedication of the investor group supporting Virgin Voyages is a testomony to the engaging fundamentals of this model and what makes it so particular.”
Within the final six months, Virgin Voyages has seen exponential progress in bookings, and is ready to see a powerful the rest of the yr as cruising returns to pre-pandemic ranges. Analysis by the cruise line confirms this, as 96 % of shoppers mentioned they’re able to cruise this yr.
As well as, a weight has been lifted off the cruise business because the CDC not too long ago discontinued its COVID-19 Program for Cruise Ships, saying that it could present steering however cruise ships would now not be beneath any sort of classifying system with reference to COVID-19.
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