US carrier JetBlue Airways has shed innovation arm JetBlue Ventures to aviation investment group Sky Leasing in a bid to focus more on “core airline operations”.
Brooklyn-based JetBlue said on 5 May that it would continue to serve as a “strategic partner” to JetBlue Ventures, which has backed with investments more than 50 start-up companies since launching in 2016.
JetBlue Ventures has backed a range of firms, such as carbon recycler Air Company and air taxi developer Joby Aviation.
“We founded JetBlue Ventures to invest in, incubate, and partner with early-stage start-ups that would shape the future of travel, and by all measures it’s been an incredible success,” says Joanna Geraghty, JetBlue’s chief executive.
Geraghty says that JetBlue is increasingly focused on its JetForward financial turnaround plan, which would see the leisure carrier return to steady profitability – an elusive feat following the Covid-19 pandemic – and step up competition against major US 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,” she says.
JetBlue Ventures will retain its outward-facing corporate identify through a brand-licensing agreement with JetBlue.
The airline lost $208 million during the first quarter, compared with a $716 million loss during the prior-year period, and has been exploring a partnership with a major US airline.
