Spain-based startup Alma Cruceros announced it is looking to raise another 2.5 million euro and will invest in what it said was an international expansion.

The Spanish cruise line intends to start service next summer in the Mediterranean on the chartered Ocean Victory.

In a press release, the company said that the decision is a response to the potential demand in Spanish-speaking markets across the Americas, which leads to a need for sales and distribution agreements in these regions.

The company is raising its capital by issuing new shares through a private placement, it explained, targeting both current shareholders and external investors.

New investors have until September 28, 2024, to subscribe, after which any remaining unsubscribed shares will be covered by Alma’s current shareholders.

With the infusion of new capital, the company plans to work on new distribution and sale agreements in the United States, with a special focus on Spanish-speaking markets in Miami, New York, and Los Angeles, as well as Mexico, Colombia, Peru, Chile, Argentina and Brazil.

The company said it has signed contracts with over 7,500 travel agencies in Spain since being launched earlier this year.

“This will allow us to strengthen our financial structure but also accelerate our growth strategy in the coming months,” said Alma’s President Elisardo Sánchez.

Sánchez said the investment opportunity was attractive, and also noted the company was working on future new ships.

Set to launch service ahead of the 2025 summer cruise season, Alma Cruceros will offer itineraries in the Mediterranean onboard the Ocean Victory.

Chartered from SunStone Ships on a seasonal basis, the 186-guest ship was built in China and entered service in 2021.