Breeze Airways Revenue, Valuation, Funding & Investors

Breeze Airways is valued at $1.2B as of August 2021, a 1.8x multiple on its last reported $680M revenue.

Last Breeze Airways valuation

$1.2B

Series B · Aug 2021

Last Breeze Airways funding round

$200M

Series B · Aug 2021

Breeze Airways revenue

$680M

Series B · Aug 2021

Key investors in Breeze Airways

  • BlackRock
  • Peterson Partners
  • Knighthead Capital Management
  • Sandlot Partners

Breeze Airways Overview

About Breeze Airways

Breeze Airways is a Salt Lake City-headquartered low-cost carrier operating 150 daily flights to 50 destinations across the United States. Launched in May 2021, it serves routes like Tampa to Providence and Las Vegas to Bangor using Embraer E-Jets and Airbus A220 aircraft. Breeze offers 'Nice' fares with extras and 'Nicest' bundles including checked bags, emphasizing point-to-point travel from secondary airports. The airline holds 10 percent market share in Florida intrastate flights.


Founded

2018

HQ

United StatesSalt Lake City, UT

Status

Privately held

Customer focus

B2C

Revenue model

Product sales

Revenue

$680M (Aug 2021)

Valuation

$1.2B (Aug 2021)

Sectors

Breeze Airways Valuation

Breeze Airways is currently valued at $1.2B, based on its Series B in August 2021.

The $200M round was led by BlackRock and Knighthead Capital Management.

Breeze Airways valuation by funding round

Breeze Airways valuation by funding round
DateStageValuationRevenue Multiple
Aug 2021Series B$1.2B1.8x

Breeze Airways Revenue

Breeze Airways' latest recorded revenue is $680M, as of its Series B in August 2021. At a $1.2B valuation, that implies a 1.8x revenue multiple.

Breeze Airways revenue by funding round

Breeze Airways revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Aug 2021$680M$1.2B1.8xSeries B

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Breeze Airways Funding History

Breeze Airways has raised a total of $283M across 2 funding rounds.

Breeze Airways' first fundraising round was a $83M Series A in September 2020. The most recent completed round was a $200M Series B in August 2021.

Breeze Airways funding rounds

Breeze Airways funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Aug 2021Series BBlackRock (lead); Knighthead Capital Management (lead)$200M$1.2BBreeze Airways, a Salt Lake City-based low-cost carrier founded by David Neeleman, launched commercial flights on May 27, 2021, focusing on point-to-point nonstop routes between smaller U.S. cities underserved by major hubs, using efficient Embraer E190 aircraft initially and planning deliveries of 60 Airbus A220s starting October 2021 for longer routes. The airline quickly expanded to 16 cities and 39 routes with 13 aircraft, carrying over 100,000 passengers in its first months despite pandemic challenges like the Delta variant, which led to flight cuts at some airports. Breeze differentiates through technology for better service at lower costs, avoiding connections, delays, and long hold times. On August 18, 2021, Breeze closed a $200 million Series B funding round led by funds managed by BlackRock (specifically Blackrock Enhanced) and Knighthead Capital Management, with participation from existing investors like Utah-based Peterson Partners and Sandlot Partners. This brought total startup funding to over $300 million within three months of launch, a record for a U.S. carrier startup, positioning Breeze as the best-funded in U.S. aviation history. Funds will fuel network expansion, aircraft acquisitions, and opportunistic growth. The round underscores investor confidence in Breeze's niche strategy of right-sized aircraft for secondary markets, competing with low-cost carriers like Spirit and Frontier on unique routes in areas like Florida, South Carolina, Ohio, and others.
Sep 2020Series APeterson Partners (lead); Sandlot Partners$83M-Breeze Airways is an American low-cost airline founded by David Neeleman in 2017-2018, headquartered in Cottonwood Heights, Utah. The company aims to provide nonstop and direct flights connecting underserved communities across the U.S., with a focus on affordable fares, seamless booking via a mobile app, and no change or cancellation fees. On August 28, 2020, Breeze Airways raised $83 million in Series A financing led by Peterson Partners with participation from Sandlot Partners. The company was pre-revenue at this stage, having projected its operational launch for 2020 before deferring to 2021. Breeze subsequently began operations on May 27, 2021, with its inaugural flight from Tampa International Airport to Charleston International Airport. The airline has secured significant aircraft orders, including 80 Airbus A220-300 aircraft (later increased to 90 by February 2024) and a fleet of Embraer aircraft for regional service. In August 2021, less than a year after the Series A, Breeze raised $200 million in Series B financing at a reported post-money valuation of $1.19 billion, led by Peterson Partners, Sandlot Partners, Knighthead Capital Management, and BlackRock. As of 2025, the company has raised a total of approximately $330-355 million across multiple rounds including debt financing.

Who has invested in Breeze Airways?

4 investors have backed Breeze Airways across its funding rounds, including BlackRock, Peterson Partners, Knighthead Capital Management and Sandlot Partners.

Lead investors include BlackRock, Knighthead Capital Management and Peterson Partners.


Breeze Airways Investors

Investors in Breeze Airways by funding rounds participated
InvestorHQRoundsRoleFirst check
Knighthead Capital ManagementUnited StatesNew York City, NY1LeadAug 2021
Sandlot PartnersUnited StatesUtah, IL1ParticipantSep 2020

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Breeze Airways Competitors

Breeze Airways competitors include listed companies like Bangkok Airways, Garuda Indonesia, Azul and Aegean Airlines, and private ones like PLAY and ITA Airways.

Public and private companies comparable to Breeze Airways
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Bangkok AirwaysThailandThailandPublicly listed$724M$220M$1.2B2.2x
Garuda IndonesiaIndonesiaIndonesiaPublicly listed$3.2B$817M$1.2B-
AzulBrazilBrazilPublicly listed$4.2B$1.9B$1.2B1.2x
Aegean AirlinesGreeceGreecePublicly listed$1.9B$508M$1.1B-
PLAYIcelandReykjavíkPrivate--$1B-
ITA AirwaysItalyRomePrivate--$848M-

Breeze Airways Public Comps

Breeze Airways is still privately-owned, but its public comps include Bangkok Airways, Garuda Indonesia, Azul, Aegean Airlines, Jazeera Airways, Finnair, Wizz Air, Frontier Airlines, Norwegian and Philippine Airlines.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Bangkok Airways$724M$220M2.3x2.2x7.6x9.2x
Garuda Indonesia$3.2B$817M1.3x-4.9x-
Azul$4.2B$1.9B1.2x1.2x2.7x4.5x
Aegean Airlines$1.9B$508M1.0x-3.8x-
Jazeera Airways$709M$180M2.2x2.1x8.8x9.8x
Finnair$3.6B$503M0.1x0.1x0.9x0.8x
Wizz Air$6.6B$1.6B1.1x1.0x4.5x5.4x
Frontier Airlines$3.7B($58M)1.5x1.3x(97.3x)(79.9x)

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Common questions about Breeze Airways

When was Breeze Airways founded?Breeze Airways was founded in 2018.
Where is Breeze Airways headquartered?Breeze Airways is headquartered in Salt Lake City, UT, United States.
Is Breeze Airways publicly listed?No, Breeze Airways is a private, VC-backed company.
What is Breeze Airways' valuation?Breeze Airways was last valued at $1.2B in its Series B in August 2021.
How much funding has Breeze Airways raised?Breeze Airways has raised $283M across 2 funding rounds.
What was Breeze Airways' last funding round?Breeze Airways' last funding round was a $200M Series B in August 2021, led by BlackRock and Knighthead Capital Management.
Who are Breeze Airways' investors?Breeze Airways' investors include Knighthead Capital Management, Sandlot Partners, Peterson Partners and BlackRock.
What is Breeze Airways' revenue?Breeze Airways' latest recorded revenue is $680M (August 2021).
What is Breeze Airways' revenue multiple?Breeze Airways' latest valuation implies a 1.8x revenue multiple ($1.2B valuation on $680M of revenue).
Which companies are comparable to Breeze Airways?Companies comparable to Breeze Airways include Bangkok Airways, Garuda Indonesia, Azul, Aegean Airlines, PLAY and ITA Airways.

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