Membership-based private aviation company Wheels Up said it has completed its first closing on a capital raise of up to USD115 million from leading financial institutions, including funds and trusts managed by T. Rowe Price Associates, Inc., Fidelity Management and Research company, and NEA.
The company´s valuation is now greater than USD500 million.
CEO Kenny Dichter said this latest round of financing will fuel the company´s United States expansion, set up a base of operations in Europe, and enhance its technology platform, which includes a unique member-to-member ride-sharing feature.
Wheels Up reduces the upfront cost to fly privately, while providing flexibility, service and safety. Operating with an 8760 culture (24 hours a day, 365 days of the year), the company offers individual, family and corporate members exceptional world-class service with around the clock support.