South Korean airlines company Air Premia has raised 37 billion won ($32.8 million) in funding to meet the criteria to join the already-packed air carrier industry in Korea as a mid-haul-focused contender.

With the latest funding, Air Premia has pooled in a total of $32.8 million to meet the requirement to apply for a flight business license.

The company also plans to raise an additional $44.4 million to $62.2 million through a Series B funding to secure a total of $71.1 million to $88.8 million in starting capital.

Air Premia aims to file for a business license this month and proceed with the necessary steps to start operation in early 2020.