Wheels Up raises $117.5 million in equity

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Wheels Up, the US based membership program, has raised  $117.5 million in equity. The company says it is now valued at $700 million.

The funding round was led by Fidelity Management & Research Company and funds and accounts advised by T. Rowe Price Associates, who were joined by existing investor NEA, and new institutional investors.

Wheels Up say it will use the funds to grow its aircraft fleet, increase membership through investments in sales and marketing, and planning for its expansion into Europe and other markets.

“The follow-on investments from Fidelity Management & Research Company, funds and accounts advised by T. Rowe Price and NEA and the addition of KKR and others to our institutional backers, validates all that Wheels Up has achieved in the four short years since our launch,” said Kenny Dichter, founder and CEO, Wheels Up. “We share a common vision with our investors that Wheels Up can build on its market-leading position and further disrupt the space through enhanced digital offerings.”

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