MIAMI – Virgin Voyages has announced that it has secured US$550 million in new funding to support continued growth.

Led by funds and accounts managed by BlackRock, the funding includes new external financing and additional capital from existing investors, including Bain Capital Private Equity and Virgin Group. The cruise line has also received additional support from its existing lenders.

According to Virgin Voyages, the new funding will enable the company to continue the execution of its growth strategy, and further strengthen its financial position as cruise demand continues to gain momentum.

“We have created an incredible product that both our investors and consumers truly believe in, and this additional capital comes at a time when we’re looking forward to exponential growth that will, in turn, help us achieve what we set out to accomplish,” said Tom McAlpin, CEO of Virgin Voyages.

Launched in August 2021, Virgin Voyages currently operates two ships: Scarlet Lady travelling from the U.S. to the Caribbean, and Valitan Lady currently sailing in the Mediterranean. According to the company, it has seen “exponential growth” in bookings in the last six months, and this year is set to see a strong return across the industry as cruising bounces back to pre-pandemic levels. Recent research by the cruise line found that 96% of consumers say they are keen to cruise this year.