Prospective low-cost airline Play raised more than USD 40 million (ISK 5.1 billion) through a private share offering that ended last Friday, Fréttablaðið reports. The investors include some of Iceland’s largest investment companies and two pension funds. Former WOW executive Birgir Jónsson will take over as CEO of the company upon the request of investors. Established nearly two years ago, Play has yet to operate any flights and does not yet hold an air operator’s certificate.
Play was established in 2019 in the aftermath of WOW air’s bankruptcy by a number of WOW air’s former employees. The new company held a press conference in November 2019 to present its name and details of its forthcoming operations. One and a half years later, Play has obtained a landing permit at three airports in London and Dublin but has yet to receive an air operator’s certificate, a prerequisite for operating aircraft for commercial purposes.
The company aims to list on the First North Growth Market this summer and hopes to raise an additional USD 20 million in funding according to Fréttablaðið’s sources.