IAG Pledges $217 Million for Startup Investments Through New Venture Arm
Skift Take
This is the first time that IAG has set aside specific funds for startup investment.
IAG said Monday that it has earmarked €200 million ($216.5 million) over the next five years for a new venture capital arm to invest in startups.
The airline group has invested in more than 10 startups since 2017, but the company saw a need for a more concerted effort with that work.
“Today’s announcement is the first time that IAG has announced a venturing arm with specific funds for investment,” the company said in a statement to Skift. “The size of funding places us as one of the largest in the industry globally, and the biggest for a European airline group.”
IAG (International Airlines Group) owns British Airways, Iberia, Vueling, Aer Lingus, and Level.
