Tue, Sep 29, 2015
Two-Year-Old Private Aviation Company Now Valued In Excess Of $500 Million
Wheels Up, the membership-based private aviation company, has completed its first closing on a capital raise of up to $115 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 $500 million.
According to Wheels Up Founder and CEO Kenny Dichter, this latest round of financing will fuel the company's United States expansion, set up a base of operations in Europe, and enhance the Company's 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," Mr. 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. 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.
More News
Aero Linx: Model Aeronautical Association of Australia MAAA clubs are about fun flying, camaraderie and community. For over 75 years, the MAAA has been Australia’s largest fl>[...]
Touchdown Zone Lighting Two rows of transverse light bars located symmetrically about the runway centerline normally at 100 foot intervals. The basic system extends 3,000 feet alon>[...]
“Discovery and innovation are central to our mission at Virgin Galactic. We’re excited to build on our successful record of facilitating scientific experiments in subor>[...]
How To Get A Story On Aero-TV News/Feature Programming How do I submit a story idea or lead to Aero-TV? If you would like to submit a story idea or lead, please contact Jim Campbel>[...]
Student Pilot Reported That During Rotation, “All Of A Sudden The Back Of The Plane Kicked To The Right..." Analysis: The student pilot reported that during rotation, “>[...]