Tanzania-based budget African airline Fastjet has raised 50 million pounds ($74.4 million US) by issuing shares and plans to open up new routes and expand its fleet of three aircraft, TheGuardian reports.

Funds from the offering, which represent about 75 percent of Fastjet’s enlarged share capital, will help the company add new international routes and expand in South Africa, Zimbabwe, Kenya, Uganda, and Zambia, Reuters reports.

The company hopes to be the first pan-African low-cost carrier, and intends to use some of the funds to buy used Airbus A319 aircraft.

Haji-Ioannou, aka Stelios, founded EasyJet Plc in 1995 and started Fastjet in 2012 with Ed Winter as chief operating officer.

Stelios had 10.8-percent stake in Fastjet before Wednesday’s fundraising, The Times reported, according to Reuters.

EasyGroup, the investment vehicle of Haji-Ioannou, bought stock worth 5 million pounds, or 10 percent of the new shares, Winter told Reuters.

New Fastjet investors from the fundraising include Prudential’s London-based M&G; U.K. equity fund manager Hexam Capital Partners LLP, Londan-based investment manager J O Hambro Capital Management Ltd and South African investment group Old Mutual, Reuters reports.

Fastjet was launched in November 2012, and sold its millionth seat by December 2014, according to TheGuardian.

“We look forward to bringing our safe, reliable, low cost flights to up to 210 million potential customers, 20 percent of Africa’s population, and to creating a new market for aviation,” Winter said.

By 2018, Fastjet aims to have 34 aircraft, with a third of its fleet equity financed, a third debt financed and a third leased, TheGuardian and Reuters report.