International Airlines Group, the parent company for British Airways, Iberia, Aer Lingus and Iberia has launched IAGi Ventures. It also renamed Hangar 51, its external innovation brand, as IAGi.
IAGi Ventures will invest up to €200 million over the next five years, with a focus on early-stage opportunities.
“We want IAG to be at forefront of innovation, leveraging cutting edge technology and new strategy to enhance our operations, and to enhance the customer experience,” said Jorge Saco.
Saco said that the group is looking for “top innovators” with whom it can work and learn to improve its business.
Saco said, “By launching Venture, alongside our Accelerator Program, we intend to work with the most promising start-ups, scale-ups, and companies tackling today’s problems.”
IAG’s eighth accelerator program, Hangar 51, was held in November. The program featured startups focusing on sustainability, customer service, operational efficiency, and airports. Hangar 51 was launched in 2016 and had partnered with over 100 startups by March.
“The transition from Hangar 51 to IAGi is more than just a name change – we are more committed than ever to fostering meaningful collaborations that drive innovation,” IAGi said in a release.
IAG, which is the parent company of IAG, is not alone in its efforts to support innovation. Fewer than 10% have invested in startups. JetBlue has JetBlue Ventures, and United Airlines created a fund to focus on sustainability with other companies.
