JetBlue sells venture capital subsidiary
JetBlue has sold its venture capital subsidiary to aircraft lessor Sky Leasing for an undisclosed price. The airline's divestment of JetBlue Ventures comes as it continues to work on shoring up its finances.
JetBlue CEO Joanna Geraghty said the airline is "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."
Since its launch in 2016, JetBlue Ventures has focused on seeding startups. It has made 55 investments in early-stage startups and more than 40 follow-on investments, the company said.
Examples include electric air taxi startup Joby, event-building platform Bizly, AI-driven airline revenue management company Flyr and Electric Power Systems, which focuses on modular battery power for aviation.
JetBlue reported a Q1 net loss of $208 million. Under its JetForward plan, the airline has reduced capacity; refocused its route map on core markets in the Northeast, Florida and the Caribbean; deferred aircraft deliveries; and implemented cost-cutting measures.
JetBlue also plans to enter into a new partnership soon with a domestic U.S. airline, though it has not said which one. Reuters reported last week that arrangement will be with United, citing three anonymous sources. The Justice Department broke up JetBlue's short-lived Northeast Alliance with American in Boston and the New York area in 2023.
Sky Leasing said that its acquisition of JetBlue Ventures is a natural evolution of its partnership with JetBlue. The purchase "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," Sky Leasing said.
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