Branson-backed Virgin Voyages, the luxurious cruise line, is all set to embark on a new journey to secure fresh funding as it aims to weather the pandemic storm. The brainchild of billionaire Richard Branson, the company is seeking to raise $200 million by offering up new equity to investors, which will be crucial in helping the company navigate through the ongoing global health crisis. With travel restrictions and border closures still in place worldwide, the future of the cruise industry hangs in the balance, but Virgin Voyages is determined to forge ahead and emerge from the crisis stronger than ever before.
The cruise-line venture of Sir Richard Branson, Virgin Voyages, is reportedly seeking to raise hundreds of millions of dollars in fresh capital, only eight months after raising $550 million from investors, including BlackRock. Sources close to the situation say that it is too early to determine the scale of the fundraising or the type of investment involved. The news comes after the tycoon’s commercial satellite business, Virgin Orbit, said that it would lay off the majority of its staff and cease operations due to a lack of funds. Virgin Voyages operates two cruise ships, with two more planned. The company is 20% owned by the Virgin Group, and Branson has invested in a range of sectors over the years, including banking, space tourism, and aviation.
As Virgin Voyages sets sail on its quest for new funding, the future looks bright for this Branson-backed venture. With its innovative approach to cruise travel and commitment to sustainability, Virgin Voyages is poised to shake up the industry and provide a truly unique experience for passengers. As the company continues to grow and expand, it will be exciting to see what new innovations and offerings they bring to the table. So raise the anchor and set sail with Virgin Voyages, as they chart a course for adventure and success in the years to come.
