Air Premia (YP, Seoul Incheon) has secured investment of KRW29 billion won (USD22.8 million) through its first capital increase, two months after its board of directors decided to pursue the fundraising measure, it reported in a disclosure.

This was the first round of the KRW58 billion (USD46 million) capital increase via shareholder allocation and was held on April 29. The second of two rounds, also worth KRW29 billion, will be staged in mid-June.

The first round was 100% completed with the active participation of shareholders JC Partners; Bong-cheol Park, chairman of Hong Kong-based logistics company Cochina; institutional investors; investors based in Los Angeles; and executives and employees, Air Premia said.

The funds secured will be used for post-pandemic expansion at the self-proclaimed hybrid long-haul carrier, in areas such as the introduction of additional aircraft and bolstering operations by securing parts and opening long-haul passenger routes.

It currently operates a single B787-9, which it has been using to carry cargo between Seoul Incheon and Singapore Changi, Ho Chi Minh City, Bangkok Suvarnabhumi, and Bishkek in recent months, the ch-aviation capacities module shows. It aims to introduce three more aircraft this year, is preparing to launch passenger routes to Singapore and Los Angeles Int'l in June and July, and is considering launching routes to Spain, Germany, Hawaii, and New York.