Virgin Voyages Funding, Investors & Competitors

Virgin Voyages has raised $1.8B across 3 funding rounds, most recently a $550M undisclosed-stage round in September 2023.

Last Virgin Voyages funding round

$550M

Undisclosed stage · Sep 2023

Cumulative funding Virgin Voyages raised

$1.8B

across 3 funding rounds

Key investors in Virgin Voyages

Virgin Voyages Overview

About Virgin Voyages

Virgin Voyages is a Miami-headquartered cruise line operating adults-only ships including Scarlet Lady and Valiant Lady from ports in Miami, New York, and Southampton to Caribbean, Mediterranean, and Australia routes. Voyages feature mega-yacht style with suites, wellness zones, athletic clubs, and dining by Michelin-starred chefs. Entertainment includes immersive shows and DJ residencies. Launched in 2021 under Virgin Group, it sails seven-night itineraries with app-based embarkation.


Founded

2014

HQ

United StatesFort Lauderdale, FL

Status

Privately held

Customer focus

B2C

Revenue model

Product sales

Sectors

Virgin Voyages Funding History

Virgin Voyages has raised a total of $1.8B across 3 funding rounds.

Virgin Voyages' first fundraising round was a $700M undisclosed-stage round in December 2014. The most recent completed round was a $550M undisclosed-stage round in September 2023.

Virgin Voyages funding rounds

Virgin Voyages funding rounds
DateStageInvestorsRaisedDeal Summary
Sep 2023Undisclosed stageAres Management (lead); Bain Capital; Virgin Group$550MVirgin Voyages, the award-winning cruise brand from Richard Branson’s Virgin Group, closed a $550 million capital raise in September 2023 led by funds managed by Ares Management’s Private Equity Group, with participation from existing investors Virgin Group and Bain Capital. The funding aims to strengthen the company’s financial position and support rapid expansion into international markets, focusing on innovative customer experiences. This follows a prior $550 million round in August 2022 led by BlackRock and Goldman Sachs, also supported by Bain and Virgin Group. At the time, Virgin Voyages operated three ships servicing the Caribbean, Mediterranean, and planned routes to Australia and New Zealand by year-end, despite delays to its fourth ship. The brand launched in August 2021 and earned top honors, including No. 1 mega-ship in Travel + Leisure’s 2023 World’s Best Awards and a sweep of Cruise Critic’s 2023 Cruisers’ Choice Awards. The company announced new global itineraries, introducing 19 new ports and 27 new routes for a total of 63 itineraries. Leadership transitioned with founding CEO Tom McAlpin retiring to chairman, succeeded by Nirmal Saverimuttu, president and chief experience officer since 2021 and a founding leader since 2014. Ares partners highlighted the company’s strong footing in the growing cruise industry due to its differentiated product.
Aug 2022Undisclosed stageBlackRock (lead); Bain Capital; Virgin Group$550MVirgin Voyages, a lifestyle travel brand offering irresistible cruise vacations for adults, announced on August 16, 2022, that it closed a $550 million capital raise led by funds managed by BlackRock, with participation from Bain Capital Private Equity and Virgin Group, plus support from existing lenders. The funding aims to fuel strategic growth initiatives, including ship launches and itinerary expansions, as cruise demand rebounds post-COVID. At the time, the company operated two ships: Scarlet Lady sailing from Miami to the Caribbean and Valiant Lady in the Mediterranean, having launched commercially in August 2021. The investment follows strong early performance, with Virgin Voyages earning accolades like Cruise Critic’s Best New Cruise Ship, a spot on Condé Nast Traveler’s 2022 Cruising Hot List, and recognition as a top ocean cruise line in Travel + Leisure’s World’s Best Awards. It also boasts twice as many five-star TripAdvisor reviews as any other cruise ship. CEO Tom McAlpin highlighted the capital's timing for exponential growth, while BlackRock's Brendan Galloway cited the industry's rebound and the company's positive outlook. Goldman Sachs & Co. LLC acted as lead placement agent. The funding strengthens Virgin Voyages' position amid sector recovery, with reports of exponential booking growth and 96% consumer eagerness to cruise in 2022.
Dec 2014Undisclosed stageBain Capital (lead); Abu Dhabi Investment Authority; Graham Gund; LGT group; Virgin Group$700MVirgin Voyages, initially launched as Virgin Cruises, was formed in December 2014 as a new cruise line venture by Virgin Group in partnership with Bain Capital as the lead investor. The company aimed to build and operate two world-class cruise ships, targeting an underserved market with a refreshed cruising experience for younger travelers, headquartered in the Miami/Fort Lauderdale area. Bain Capital, described as the lead shareholder, committed several hundred million pounds alongside Virgin Group's 100 million pounds investment, with additional backing from a consortium including Abu Dhabi Investment Authority and others like Graham Gund and LGT Group to reach a targeted startup capital of 1.7 billion pounds (approximately 2.65 billion USD). The round positioned Virgin Cruises to compete against dominant players like Carnival, Royal Caribbean, and Norwegian Cruise Line, which control over 80% of a cruise market valued at around 37 billion USD at the time. Bain Capital highlighted the industry's characteristics as ripe for a new entrant, drawing on their experience in consumer brands. The focus was on building the brand and infrastructure for launches targeted around 2019.

Who has invested in Virgin Voyages?

7 investors have backed Virgin Voyages across its funding rounds, including Bain Capital, Virgin Group, BlackRock, Ares Management, Abu Dhabi Investment Authority and LGT group.

Lead investors include Ares Management, BlackRock and Bain Capital.


Virgin Voyages Investors

Investors in Virgin Voyages by funding rounds participated
InvestorHQRoundsRoleFirst check
Bain CapitalUnited StatesBoston, MA3LeadDec 2014
Virgin GroupUnited KingdomLondon3ParticipantDec 2014
Abu Dhabi Investment AuthorityUAEAbu Dhabi1ParticipantDec 2014
Graham GundUnited StatesBoston, MA1ParticipantDec 2014
BlackRockUnited StatesUnited States1LeadAug 2022

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Virgin Voyages Competitors

Virgin Voyages competitors include listed companies like Royal Caribbean, Viking Cruises, Carnival and Norwegian Cruise Line, and private ones like Rederiaktiebolaget Eckerö and The Windjammer Way.

Public and private companies comparable to Virgin Voyages
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Royal CaribbeanUnited StatesUnited StatesPublicly listed$18B$7.1B$67B4.7x
Viking CruisesUnited StatesUnited StatesPublicly listed$6.5B$1.7B$38B5.6x
CarnivalUnited StatesUnited StatesPublicly listed$27B$6.9B$30B2.0x
Norwegian Cruise LineUnited StatesUnited StatesPublicly listed$9.8B$2.5B$6.6B2.1x
Rederiaktiebolaget EckeröFinlandMariehamnPrivate--$69M-
The Windjammer WayUnited StatesUnited StatesPrivate--$19M-

Virgin Voyages Public Comps

Virgin Voyages is still privately-owned, but its public comps include Royal Caribbean, Viking Cruises, Carnival, Norwegian Cruise Line, EIH, Lindblad Expeditions, Bonheur, Waterways Leisure Tourism, Havila Kystruten and Bestone.com.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Royal Caribbean$18B$7.1B5.0x4.7x12.7x11.9x
Viking Cruises$6.5B$1.7B6.2x5.6x23.6x19.8x
Carnival$27B$6.9B2.0x2.0x7.9x7.6x
Norwegian Cruise Line$9.8B$2.5B2.2x2.1x8.4x8.3x
EIH$306M$107M6.1x5.8x17.5x17.0x
Lindblad Expeditions$771M$88M2.9x2.6x25.0x15.9x
Bonheur$1.3B$404M1.2x1.2x3.9x4.2x
Waterways Leisure Tourism$60M$12M13.9x-71.0x-

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Common questions about Virgin Voyages

When was Virgin Voyages founded?Virgin Voyages was founded in 2014.
Where is Virgin Voyages headquartered?Virgin Voyages is headquartered in Fort Lauderdale, FL, United States.
Is Virgin Voyages publicly listed?No, Virgin Voyages is a private, VC-backed company.
How much funding has Virgin Voyages raised?Virgin Voyages has raised $1.8B across 3 funding rounds.
What was Virgin Voyages' last funding round?Virgin Voyages' last funding round was a $550M undisclosed-stage round in September 2023, led by Ares Management.
Who are Virgin Voyages' investors?Virgin Voyages' investors include Bain Capital, Virgin Group, Abu Dhabi Investment Authority, Graham Gund, BlackRock, LGT group and Ares Management.
Which companies are comparable to Virgin Voyages?Companies comparable to Virgin Voyages include Royal Caribbean, Viking Cruises, Carnival, Norwegian Cruise Line, Rederiaktiebolaget Eckerö and The Windjammer Way.

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