JetBlue Airways has sold its venture capital subsidiary, JetBlue Ventures, to SKY Leasing, an aviation investment manager. The sale was announced Monday.
The airline stated the transaction allows it to focus on its core airline operations. JetBlue leadership cited the company's JetForward strategy, aimed at restoring profitability and competing effectively.
JetBlue Ventures was founded in 2016 to invest in early-stage startups in the travel and transportation technology sectors. Over nearly a decade, the subsidiary invested in 55 startups and made over 40 follow-on investments.
Eight of these investments resulted in exits through acquisitions or public offerings.
Under the terms of the agreement, JetBlue will remain a strategic partner to JetBlue Ventures and its portfolio companies. JetBlue will also maintain its equity positions in all existing portfolio companies.
SKY Leasing acquired JetBlue Ventures for an undisclosed sum.
The venture firm will continue to operate under the JetBlue Ventures brand through a licensing agreement. Amy Burr will continue to lead the company as CEO.
Matthew Crawford, Co-Chief Investment Officer of SKY Leasing, stated the acquisition provides direct access to innovations shaping the future of travel through their aviation partnerships.
JetBlue CEO Joanna Geraghty commented on the move, stating that while JetBlue Ventures had been successful, the airline's present needs require full focus on the JetForward strategy to achieve long-term success. She added the transaction lets the company prioritize the airline business while retaining access to innovations through the strategic partnership with JetBlue Ventures.
