Wheels Up lands up to $115 million in new capital

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Wheels Up has completed first closing on a capital raise of up to $115 million. The money has been invested through funds and trusts managed by T Rowe Price Associates, Fidelity Management and Research Company and NEA.

Kenny Dichter, Wheels Up Founder and CEO says this latest round of financing will fuel the company’s growth in the United States and set up a base of operations in Europe. The company will also enhance its technology platform, which includes a unique member-to-member ride-sharing feature.

“Wheels Up is a disruptive force and is democratizing the private aviation space with its unique membership model, which broadens the addressable market, and its partnership with Textron Aviation to exclusively offer the Beechcraft King Air 350i, one of the world’s most iconic airplanes, in fleet format.”

“Wheels Up is a disruptive force and is democratizing the private aviation space with its unique membership model, which broadens the addressable market, and its partnership with Textron Aviation to exclusively offer the Beechcraft King Air 350i, one of the world’s most iconic airplanes, in fleet format,” Kenny Dichter said. “We are excited to have T. Rowe Price as lead investor. We share a common vision on the ability of Wheels Up to become a market-leading company. We are also honored to have world-class institutions Fidelity Management and Research Company and NEA on board.”

“We believe Wheels Up has the rare combination of experienced entrepreneurs, business model innovation, and a strong financial model. “

Henry Ellenbogen, portfolio manager at T. Rowe Price added: “We believe Wheels Up has the rare combination of experienced entrepreneurs, business model innovation, and a strong financial model. Wheels Up has developed network density and provides real customer value. It has the potential to be a much larger company,” said Henry Ellenbogen, portfolio manager at T. Rowe Price.

Wheels Up now has a valuation above $500 million.

Wheels Up Pink King Air

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