Yesterday, news broke that leading aviation investment manager SKY Leasing (SKY) has acquired JetBlue’s venture capital subsidiary, JetBlue Ventures. The early-stage venture capital firm will keep its existing brand, continue managing all its current investments, and still be run by its existing President, Amy Burr but will now be absorbed into the SKY family.

JetBlue’s decision to offload its subsidiary was part of a focus on streamlining operations in order to return to profitability. The airline’s CEO, Joanna Geraghty, described the move as a strategic re-centring of core operations:

“We founded JetBlue Ventures to invest in, incubate, and partner with early-stage start ups that would shape the future of travel, and by all measures it’s been an incredible success. As we look at the needs of our airline today, we are fully focused on our JetForward strategy to get JetBlue back to profitability and set us up for long-term success as we compete against the legacy carriers. This transaction enables us to focus on our core airline operations, while maintaining our access to the innovations and opportunities of current and future portfolio companies through our ongoing strategic partnership with JetBlue Ventures.”

Initially founded in 2016, JetBlue Ventures has since invested in 55 early-stage start ups and made over 40 follow-on investments, resulting in eight exits in the form of acquisitions and public offerings. JetBlue will continue to act as a strategic partner, supporting both JetBlue Ventures and its portfolio companies.

Under SKY’s ownership, JetBlue Ventures is poised for expanded growth, leveraging SKY’s extensive aviation network and investment expertise. Speaking on the news, Matthew Crawford, Co-Chief Investment Officer at SKY said:

“We are thrilled to welcome JetBlue Ventures into the SKY family. Through our aviation partnerships around the world, we are witnessing first hand the rapid advancements and innovations in the travel industry, and as a long-term partner to JetBlue, we have consistently admired JetBlue Ventures’ track record of nurturing these ground breaking technologies. This transaction is a natural evolution of our partnership and will provide us, our investors, and our global aviation partners with direct access to the cutting-edge innovations and technologies shaping the future of travel.”

 

For more like this see: