ULCC Flybondi raises USD 75m of additional start-up capital

Flybondi, Argentina´s first Ultra Low Cost Airline, has completed an investment round of USD 75 million with major investors from the aviation industry, the company said.

The company expects to transport 10 million passengers in 5 years and double the air travel market in Argentina. Among the highly-experienced groups and executives investing in Flybondi are Cartesian Capital Group LLC, Yamasa Co. Limited, Michael Cawley (former COO at Ryanair Holdings Plc), Michael Powell (former CFO at Wizz Air Holdings Plc), as well as other European and Argentinian private investors.

Julian Cook, former CEO of Swiss airline Flybaboo, is the CEO of Flybondi. Alongside him are Michael Cawley and Michael Powell, who have roles both as members of the board of directors and as investors. All three bring decades of experience and successful track records in the ULCC sector.

Flybondi has already signed lease agreements for two Boeing 737-800, and expects to be operating fleet of 10 aircraft by the end of 2018. Flybondi has signed an agreement with the Government of the Province of Córdoba to set-up its first base and start operations there in the fourth quarter of 2017. It has also presented a plan to the National Government to set up what will become its main base at the military airport of El Palomar in Buenos Aires.

Founded in 2016, Flybondi.com is an Argentine company and the first low cost airline in the country. It has a five year goal to double the size of the market by reaching 10 million passengers and to offer the lowest fares in the market. By 2021, Flybondi will have 1,500 employees and create 20,000 indirect jobs.