Virgin Voyages, the new lifestyle travel brand launched by Sir Richard Branson, has secured $550 million in new capital funding to support continued its growth.

The funding – new external financing, plus additional capital from existing investors, including the Virgin Group – will enable Virgin Voyages further strengthen its financial position as cruise demand continues to gain momentum, says the company.

Virgin Voyages officially launched in August 2021 and currently operates two ships, Scarlet Lady travelling from the US to the Caribbean, and Valiant Lady, currently sailing in the Mediterranean. Two more vessels, Resilient Lady and Brilliant Lady, are pending, with cruises catering to an 18-plus clientele.

Since inception, the brand has received strong third-party recognition for the unique cruising experiences it offers, including being awarded Cruise Critic’s “Best New Cruise Ship,” recognition on Condé Nast Traveler’s 2022 Cruising “Hot List,” and recently being named one of the top ocean cruise lines in Travel + Leisure’s World’s Best Awards.

“We have created an incredible product that both our investors and consumers truly believe in, and this additional capital comes at a time when we’re looking forward to exponential growth that will, in turn, help us achieve what we set out to accomplish,” said Tom McAlpin, CEO of Virgin Voyages.

“Virgin Voyages has successfully launched a new brand in the cruise industry and proven its appeal to both the traditional and non-traditional cruiser, allowing the brand to tap into new markets and re-imagine this travel category,” added Ryan Cotton, a Managing Director at Bain Capital, one of VV’s investors.

Another, Brendan Galloway, Director in BlackRock Global Credit, said, “Despite the unprecedented challenges the cruise sector has faced in the past few years, the industry is exhibiting a powerful rebound. We are excited to invest in Virgin Voyages on behalf of our investors as we see a positive outlook and impressive growth on the horizon for the company.”

According to the company, Virgin Voyages has seen exponential growth in bookings in the last six months and this year is set to see a strong return across the industry as cruising sails back toward pre-pandemic levels.