Air Moana opens capital programme of up to €16.8M
What's the deal? Air MoanaDealroom has a profile for this one. Try Dealroom →, the French Polynesian inter-island airline, is raising new equity through a capital programme of up to about €16.8 million led by its parent and operating company, Natireva. The programme is ongoing and had not completed as of October 2026. It includes up to €5 million in preference shares offered to private investors through the platforms Fenua Financement and Rattel AERO. The pre-money valuation is €33 million, or about €38 million post-money if the private-investor raise completes in full. Trade outlet CAPADealroom has a profile for this one. Try Dealroom → reported the overall figure as around €17 million in September 2026.
How it works: The private-investor portion runs in four successive tranches of about €1.25 million (around XPF 149 million) each, with a 75% success threshold and the option of a fifth adjustment tranche. The first tranche targets about €1.25 million. Investors are pooled in a dedicated vehicle, SICAP AMUI Natireva, which subscribes directly to Natireva's capital at XPF 70 (about €0.59) per preference share, with a liquidity horizon of six to seven years. According to the offer, Natireva has already received more than XPF 3 billion (about €25 million) in financial support since launch. Its financing plan foresees about €46.5 million of capital contributions between 2026 and 2030, including about €28.5 million in 2026, alongside contributions from shareholders and SOFIDEP.
Why it matters: Natireva was set up in 2021 and started flying as Air Moana in 2023. It competes with Air Tahiti on domestic routes using ATR 72-600 aircraft. The funds are earmarked for its fleet renewal around the ATR 72-600 XT, with three new aircraft, one delivered in September 2026 and another due in December 2026, and for operating and working-capital needs. The airline aims to raise the share of international visitors among its passengers from 34% in 2025 to 52% in 2030, and projects passenger numbers to grow by about 145% over the same period.
Image credit: Stilgherrian
Read more: Rattel · ch-aviation · Tahiti Infos · CAPA
