A Spanish rival to EasyJet, Ryanair and Air Berlin is to be launched in October this year. Spanish state airline Iberia will contribute 24 million towards the 50 million start-up capital of the new airline, which will have its operating base in Barcelona. Other partners in the venture include the Cobra Group, Iberostar, Nefinsa and the Quercus capital risk fund. The new company, which has yet to be given a name, is seeking slots mainly in the United Kingdom and Germany. Barcelona is the destination of 40 per cent of all low-cost flights to Spain.