Japanese start-up JCAS Airways (Osaka Kansai) has raised JPY300 million yen (USD2.1 million) in its first Pre-Series A funding round, according to a September 18 media release from the carrier. The airline says it has raised approximately JPY450 million (USD3.13 million) to date.
"We have raised funds from companies in Toyama Prefecture, where a route will be operated, in the first close of the pre-series A round," the release reads. "The funds raised this time will be used for equipment leasing, system development, personnel recruitment, etc. We also plan to raise funds from companies in the San'in region in the second close of the pre-series A round."
JCAS says it intends to connect Osaka Kansai to Toyama and Yonago with an ATR72-600 and commence services in the first half of 2025. The press release named 12 companies that participated in the recent funding round, including Ise Co., Ltd., Otaka Construction Co., Ltd., Kanamori Industry Co., Ltd., Isaac Co., Ltd., Shimada Shoten Co., Ltd., JEC Management Consultants Co., Ltd., Baron Co., Ltd., Sakurapax Co., Ltd., GRN Inc., Tachi Construction Co., Ltd., Hokuriku Coca-Cola Bottling Co., Ltd., and Horii Iron Works Co., Ltd.
In July, JCAS entered into a memorandum of understanding to dry lease the ATR - Avions de Transport Régional turboprop from Avation. It expects to take delivery of the aircraft next year. The airline plans to expand its fleet to seven ATRs and its network to 16 routes over the following five years.
