Aviation investment firm SKY Leasing has acquired JetBlue Ventures, the venture capital arm of JetBlue Airways, as the airline seeks to get back to profitability. The terms of the deal were not disclosed.

The airline will remain involved with JetBlue Ventures, which it launched as a wholly owned subsidiary in 2016.

Going forward, JetBlue will serve as a strategic partner to the venture branch and its portfolio companies. JetBlue will also continue to hold positions in all of its current portfolio companies, and the JetBlue Ventures brand will still be included in a brand licensing agreement with the airline. Amy Burr will remain at the head of the JetBlue Ventures team.

“We founded JetBlue Ventures to invest in, incubate and partner with early-stage startups that would shape the future of travel, and by all measures, it’s been an incredible success,” said Joanna Geraghty, CEO of JetBlue, in a release.

Geraghty said the move comes as the JetBlue team is focused on its “JetForward” strategy, which aims to return the airline to profitability amid competition with legacy carriers.

“This transaction enables us to focus on our core airline operations, while maintaining our access to the innovations and opportunities of current and future portfolio companies through our ongoing strategic partnership with JetBlue Ventures,” Geraghty said.

Since its founding, JetBlue Ventures has made investments into 55 early-stage startups.

JetBlue Ventures’ portfolio includes 3Victors, Joby, Turnkey and Volantio, among others. It has made headlines through its investments—namely in TPG Rise Climate in 2022, Transparent in 2021 and FLYR in 2016.

“We are thrilled to welcome JetBlue Ventures into the SKY family,” said Matthew Crawford, co-chief investment officer at SKY. “Through our aviation partnerships around the world, we are witnessing firsthand the rapid advancements and innovations in the travel industry, and as a long-term partner to JetBlue, we have consistently admired JetBlue Ventures’ track record of nurturing these groundbreaking technologies.”

He continued: “This transaction is a natural evolution of our partnership and will provide us, our investors and our global aviation partners with direct access to the cutting-edge innovations and technologies shaping the future of travel.”