Sky Harbour secures $31.8m in equity financing to fuel growth

Aviation infrastructure company Sky Harbour Group announced that it has secured $31.8m in equity financing through a securities purchase agreement with investors.

The funds will be used to accelerate the company’s nationwide expansion of Home-Basing campuses for business aircraft.

The investment comes from a group of investors, including affiliates of Altai Capital and Raga Partners, as well as Boulderado, the family office of SHG Board member Alex Rozek.

“This investor group has brought important strategic contributions, beyond capital. It is gratifying to have created value for them and for all SKYH shareholders, even as we feel the steepest segment of our growth curve is still ahead of us. This investment funds Sky Harbour’s current business plan through 2026,” said Tal Keinan, CEO, Sky Harbour.

The financing will support the development of approximately 6-7 new airport campuses, adding to the company’s existing portfolio of over one million rentable square feet. Sky Harbour is also targeting the acquisition of eight additional ground leases by the end of 2025, bringing the total number of airports in its network to 22.

David B. Heller and Atul S. Joshi, Co-CIOs of Raga Partners, expressed their confidence in Sky Harbour’s unique approach to the private aviation market.

“We continue to be impressed by Tal and the management team at Sky Harbour, as they have been able to exceed their current business goals while also significantly expanding the pipeline of deals that will drive future growth,” they stated.

Sky Harbour’s expansion plans are also supported by a previously announced $150m in private activity debt financing, which is expected to be issued in the first semester of 2025.

The company expects the combined funding to help execute its growth strategy through 2026.