Investor Profile: United Airlines Ventures — Thesis, Cheque Size & How to Apply

Investment thesis

United Airlines Ventures (UAV) was launched in June 2021 as the corporate venture fund of United Airlines, and the airline says it was the first major US airline to create one. The fund invests in high-potential companies focused on sustainability, aerospace and other innovative technologies, concentrating on concepts that support United's goal of net zero emissions by 2050 without relying on traditional carbon offsets, as well as technologies that improve the customer experience and the airline's operation. The fund is led by President Michael Leskinen.

The UAV Sustainable Flight Fund

It began with more than 100 million US dollars from United and inaugural partners Air Canada, Boeing, GE Aerospace, JPMorgan Chase and Honeywell, and has since grown to more than 200 million US dollars in committed capital with 22 corporate partners spanning airlines, aircraft and engine manufacturers, fuel producers, financiers and travel management, including Air New Zealand, Aircastle, American Express Global Business Travel, Aviation Capital Group, Boston Consulting Group, Embraer, Google, Groupe ADP, Hawaiian Airlines, HIS, Natixis Corporate & Investment Banking, Safran Corporate Ventures, Technip Energies and JetBlue Ventures.

The fund backs SAF pathways from first-generation feedstocks (used cooking oils, animal fats) through alcohol-to-jet and biomass routes to power-to-liquid e-fuels using direct air capture and green hydrogen. Named SAF portfolio companies include Cemvita, Dimensional Energy, NEXT Renewable Fuels, Svante, Twelve, Heirloom, Electric Hydrogen, OxCCU, Verne, Koloma and Banyu Carbon. The overall size of United Airlines Ventures as a whole is not publicly disclosed.

Electric aircraft and eVTOL bets

Beyond fuel, UAV has led the industry in electric aviation. United ordered 100 aircraft from Archer Aviation with a 10 million US dollar pre-delivery payment, invested 15 million US dollars in Eve Air Mobility plus a conditional order for up to 400 air taxis, and agreed to purchase 15 Boom Supersonic Overture aircraft with options for 35 more, expected to run net zero on 100 percent SAF.

Numbers that matter

United says it has invested in future production of over five billion gallons of SAF, the most of any airline by publicly announced offtake agreements. Unusually, the fund also lets everyday travellers participate: bookers on United can contribute 1, 3.50 or 7 US dollars toward the fund, and United reported more than 60,000 customers contributing over 200,000 US dollars in the early months, later rising to nearly 115,000 contributors and almost 500,000 US dollars.

Leadership and ecosystem

Alongside President Michael Leskinen, Managing Director Andrew Chang leads the Sustainable Flight Fund's work. The venture effort sits inside a wider decarbonisation programme that includes the Eco-Skies Alliance SAF purchasing programme, a Science Based Targets initiative-validated 2035 emissions target, and an A leadership-band CDP climate score for 2023.

Geographic focus

The fund is headquartered in Chicago and invests globally, with portfolio companies across North America and Europe.

How to apply for funding

United does not publish an open application portal for the venture fund that could be verified. Engagement realistically runs through the fund's corporate-partner ecosystem and direct outreach to the United Airlines Ventures team, particularly for SAF, hydrogen and electric-aviation startups that fit the published thesis.