Virgin Voyages announces $550m in new funding
Virgin Voyages has closed on $550m in new capital raised to support its growth, led by BlackRock Investment Management (UK) Limited.
This raise includes new external financing, additional capital from existing investors including Bain Capital Private Equity and Virgin Group, as well as support from existing lenders. The new funding will enable Virgin Voyages to execute its continued growth strategy and further strengthen its financial position as demand for cruises continues to gain momentum.
Virgin Voyages set sail for the first time in August 2021, and currently operates two ships: Scarlet Lady, which travels from the US to the Caribbeans, and Valiant Lady, which is currently sailing in the Mediterranean. In just a short time, the brand has already received strong third-part recognition for the unique cruising experiences it offers, including being awarded Cruise Critics “Best New Cruise Ship,” recognition on Condé Nast Traveler’s 2022 Cruising “Hot List,” and recently being named one of the top ocean cruise lines in Travel + Leisure’s World’s Best Awards. As well as receiving industry accolades, Virgin Voyages has more five-star reviews on TripAdvisor than any other cruise line.
“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.
“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.”
Virgin Voyages has seen exponential growth in bookings over the last six months and 2022 is set to see a strong return across the industry as cruising sails back towards pre-pandemic levels. After two years of restrictions, sailors are ready to get back to the seas and Virgin Voyages research confirms this with 96% of people saying they are keen to cruise this year. On top of this, the cruise industry has welcomed a recent update from the CDC that means the end of the COVID-19 Program for Cruise Ships – and demonstrates confidence in the industry and a return to pre-pandemic operations.
Ready to set sail? Visit Virgin Voyages to find out more.