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- Virgin Voyages
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
Bain Capital
Virgin Group
BlackRock
Ares Management
Abu Dhabi Investment Authority
LGT group
Graham Gund
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
Website
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
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Sep 2023 | Undisclosed stage | Ares Management (lead); Bain Capital; Virgin Group | $550M | Virgin 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 2022 | Undisclosed stage | BlackRock (lead); Bain Capital; Virgin Group | $550M | Virgin 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 2014 | Undisclosed stage | Bain Capital (lead); Abu Dhabi Investment Authority; Graham Gund; LGT group; Virgin Group | $700M | Virgin 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Dec 2014 | ||
| 3 | Participant | Dec 2014 | ||
| 1 | Participant | Dec 2014 | ||
| 1 | Participant | Dec 2014 | ||
| 1 | Lead | Aug 2022 | ||
This data is available for Pro users. Sign up to see all 7 Virgin Voyages investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialVirgin 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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $18B | $7.1B | $67B | 4.7x | ||
| Publicly listed | $6.5B | $1.7B | $38B | 5.6x | ||
| Publicly listed | $27B | $6.9B | $30B | 2.0x | ||
| Publicly listed | $9.8B | $2.5B | $6.6B | 2.1x | ||
| Private | - | - | $69M | - | ||
| Private | - | - | $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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $18B | $7.1B | 5.0x | 4.7x | 12.7x | 11.9x | |||
| $6.5B | $1.7B | 6.2x | 5.6x | 23.6x | 19.8x | |||
| $27B | $6.9B | 2.0x | 2.0x | 7.9x | 7.6x | |||
| $9.8B | $2.5B | 2.2x | 2.1x | 8.4x | 8.3x | |||
| $306M | $107M | 6.1x | 5.8x | 17.5x | 17.0x | |||
| $771M | $88M | 2.9x | 2.6x | 25.0x | 15.9x | |||
| $1.3B | $404M | 1.2x | 1.2x | 3.9x | 4.2x | |||
| $60M | $12M | 13.9x | - | 71.0x | - | |||
This data is available for Pro users. Sign up to see all Virgin Voyages competitors and their valuation data. Start Free Trial | ||||||||
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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