Wheels Up, a NYC-based private aviation company, completed its first closing on a capital raise of up to $115m.
Backers included funds and trusts managed by T. Rowe Price Associates, Inc., Fidelity Management and Research Company, and New Enterprise Associates.
The company, which is now valued at over $500m, intends to use the funds to fuel United States’ expansion, set up a base of operations in Europe, and enhance the technology platform, which includes a unique member-to-member ride-sharing feature.
Led by Founder and CEO Kenny Dichter, Wheels Up is a membership-based private aviation company that offers aircraft with guaranteed availability on its private fleet of new Beechcraft King Air 350i and Citation Excel/XLS aircraft.
The company offers individual, family and corporate members service with around the clock support.
The mobile app enables members to book flights, manage their accounts and participate in ride-share opportunities. Wheels Up Members also have access to the Wheels Down program, featuring lifestyle events and experiences, partner benefits and a full-service luxury concierge, which is also integrated in the Wheels Up app.