PREMIA Notice

News & Events of Air PREMIA 

PREMIA Notice

News & Events of Air PREMIA

Press ReleaseAir PREMIA Collects KRW 165 bil in Series B Round

11 Jan 2019
view counts 806

- Two additional investors submitted KRW 40 billion value letters of intent almost tripling Air PREMIA’s initial target funding size


Through Series B fund round, Air PREMIA has raised a total KRW 165 billion (USD 147 million) across seven private equity funds in Korea. NeoPlux and Yuanta Investment additionally participated in the financing round submitting LOIs sized KRW 30 billion and KRW 10 billion each.

In November 2018, Air PREMIA has announced that the company has received KRW 125 billion-sized investment intentions for its Series B financing round from large private equites where mostly have KRW 2 trillion assets under management (AUM): SkyLake Investment, IMM Investment, JKL Partners, Mirae Asset Venture Investment, and Daishin Private Equity. Yuanta Investment, a Series A investor, decided to participate once more since Air PREMIA shows excellent potential to grow.

Most of the investors including SkyLake, NeoPlux, JKL, and IMM, have pension funds as their limited partners such as National Pension Service, Korea Development Bank, Korea Venture Investment Corp, The Military Mutual Aid Association, The Korea Teacher's Credit Union. The private equities have been managed the fund more than ten years and possess abundant investment experience.

The initial Series B target size was KRW 65 billion, but the tally exceeded the company’s goal almost triple. Air PREMIA will finalize the actual size of a Series B round shortly after optimizing the capital structure for existing investors and other financial institutions willing to participate. Including KRW 37 million, which is secured by September 2018 through Series A funding, Air PREMIA expects to acquire KRW 130 billion to 150 billion after closing Series B finance right after the acquisition of Air Carrier License.

Air PREMIA resubmitted its ACL application to MOLIT on November 2, 2018, since the government has required all proposed airlines to resubmit their applications simultaneously following the revision of Aviation Business Act that MOLIT had publicized on October 31, 2018.

Air PREMIA is South Korea’s first hybrid carrier focused on medium and long-haul routes. Most of the routes are strategically comprised of more than six hours flights: North America, Europe, Oceania. Air PREMIA has a unique business model claiming themselves as a Hybrid-Service-Carrier providing two seat classes; Premium Economy (PE) class brings 42 inches pitch with business class level services such as priority check-in, boarding, and baggage handling; Economy seat pitch will be 35 inches, the widest economy seats in the class. The ticket price of economy seats of Air PREMIA is set to 80 ~ 90% of FSC’s economy class, and Premium Economy ticket price is set to 140% of FSC’s economy class.


###

Air Premia Inc.   |   10th Fl., 31 Gukjegeumyung-ro 8-gil, Yeongdeungpo-gu, Seoul

 ⓒ 2018  Air Premia Inc. All Rights Reserved.


Air Premia Inc.   |   10th Fl., 31 Gukjegeumyung-ro 8-gil, Yeongdeungpo-gu, Seoul

ⓒ 2018  Air Premia Inc. All Rights Reserved.