The airline was founded in 1992 as one of the first private owned airline companies to acquire an Air Operator Certificate (AOC) from the Hellenic Civil Aviation Authority (HCAA). The first service was a charter flight between Heraklion and Lyons on 7 April 1993 using a leased MD-83. A service between Athens-Thessalonki-Gatwick started in December 1993. A leased McDonnell Douglas MD-87 joined the fleet in March 1994 By April 1995 two MD-82s and two Boeing 757s had joined the fleet. The first Boeing 757 services was flown between Athens and Zurich on 31 March 1995.
From 15 November 1995 the airline operated a service from Athens to Thessaloniki using MD-82s for Skybus while it waited to obtain an Air Operators Certificate.Venus Airlines had financial problems in 1996 and stopped operations, it would later emerge as Princess Airlines in 1998 with backing from a French tour operator.
Venus Airlines operated the following fleet in 1997:
2 x Boeing 727-200
2 x Boeing 757-200
2 x McDonnell Douglas MD-83
McDonnell Douglas MD-82
McDonnell Douglas MD-87
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