Delta Airlines is launching a Series A to raise funds to expand its business, expand the network, expand its fleet and improve its customer service, the company announced Thursday.
The company said it would use the $50 million raised in the funding round to expand the Delta fleet, expand customer service and improve customer service.
The funding round will also support a $10 million strategic investment program that includes training, marketing and customer service teams to help the airline accelerate its growth and make Delta more competitive in the aviation market.
The Series A comes as Delta is on track to become the largest airline in the world with a fleet of more than 2.5 million planes.
Delta currently operates the world’s second largest commercial aircraft fleet, with 724 aircraft in service.
It has also expanded its fleet of passenger aircraft to serve a growing market of travelers.
Delta is currently ranked third in the industry in average revenue per seat mile, trailing only the Boeing 737 MAX.
In its latest quarterly earnings report, Delta said it will expand its aircraft fleet from 737 MAXs to the Delta Dreamliner, Delta Air Lines and the Delta X. Delta also said it plans to open a new regional hub at the new Boeing 737 Max in 2019.
Delta says it plans for 20 new 737 MAX aircraft by 2021.
The airline said it expects to expand from its current 737 MAX fleet to 50,000 MAXs by 2023, as well as to a fleet in excess of 1,000,000 by 2029.
The new 737 Maxs will be equipped with new engines that Delta says will improve the aircraft’s flight performance, increase the cabin capacity and improve fuel economy.
Delta said its new MAXs will offer passengers more space and more cargo space.
Delta and Boeing have been working together on the 737 MAX for more than a decade, and Delta said in a statement that Boeing’s engineers have been on the project since 2008.
Delta’s new 737s will fly on Delta’s newest 737 MAX jets, which Delta said will feature the same engines and other design improvements as the existing MAXs.
Delta expects the 737 Max to be in service in 2021, and the company said the new MAX fleet will be the first to be delivered to customers.