It was created and run by French airline entrepreneur Frantz Yvelin, with the support of Peter Luethi, Yann Poudoulec, Francois Ledreux, Nicolas Jurczyk, and Pierre-Hugues Schmit among a few others, in the hopes of making an all-business class airline with a true low-cost structure, offering business class fares significantly cheaper than those of legacy carriers.

Prior to La Compagnie, Frantz Yvelin was also the founder of L'Avion, which was sold to British Airways and later became OpenSkies.

[17] During the suspensions, the airline received a total of €20 million in governmental loans, provided some ad-hoc charter services, and operated a limited number of flights for the December 2020 holiday season.

[citation needed] On 9 December 2021, AfriJet announced it had partnered with La Compagnie to launch seasonal flights between Paris Orly and Libreville's Léon-Mba International Airport from 16 December 2021, in place of La Compagnie's services to Tel Aviv which were further postponed,[24] before eventually being cancelled.

In February 2023, La Compagnie reported that it recorded its first profit in 2022, consisting of 1 million euros, and additionally announced that it planned to add two Airbus A321LR aircraft to its fleet, for delivery in 2024 and 2025.

[26] La Compagnie's aircraft are equipped with an all-business class cabin arranged in a 2–2 configuration, consisting of 76 seats that convert to flat beds.