Wheels Up becomes the first major jet card provider to offer four guaranteed availability jet cabin categories and a turboprop program on a national basis
What a difference a year makes. At this time last year, rumors were swirling. Wheels Up was expanding beyond its core King Air 350i and Citation Excel fleet with an off-fleet light jet program.
The new programs, effective January 2nd, will offer dynamic trip pricing with capped hourly rates and guaranteed availability nationwide. They will run across five cabin categories, from its King Air 350i fleet to light, midsize, super-midsize, and large jets.
It’s the fourth King Air to be painted as part of philanthropic initiatives from Wheels Up Cares
Wheels Up yesterday unveiled a camouflage-painted Beechcraft
King Air 350i aircraft as part of its Wheels Up Cares philanthropic initiative.
The Wheels Up Camouflage Plane has a custom livery that was
created and painted by Textron Aviation Inc. and honors those in the military
who bravely served and continue to serve our country, while benefiting the
Tragedy Assistance Program for Survivors (TAPS), a non-profit organization that
offers compassionate care to those grieving the loss of a military loved one.
The Camouflage Beechcraft King Air 350i will remain
indefinitely in the Wheels Up fleet to serve as a flying symbol of TAPS’ mission.
With the move, Wheels Up will offer members fixed rates from the King Air 350i through light, midsize, super-midsize and large cabin private jets
Following its acquisition of TMC Jets and Avianis, plus the launch of its Connect membership earlier this year, and flush with $128 million in new funding, Wheels Up continues its aggressive moves.
During the National Business Aviation Association’s annual conference being held in Las Vegas, founder and CEO Kenny Dichter said in the next year the company will launch a no-cost membership enabling users to book on-demand charters using dynamic pricing the from its Wheels Up Marketplace launched in February.
The jet card membership company said it will use the money for accelerating membership growth and possible acquisitions
Wheels Up said that it has completed its Class D equity capital raise of $128 million, according to a press release received by Private Jet Card Comparisons. The funds will be used to accelerate membership growth, fund technology investment, and perhaps even more acquisitions. In 2017, it raised $117.5 million in equity capital and $90 million in debt financing via KKR.
Earlier this year it had said it had hired Bank of America and Goldman Sachs to advise it on strategic initiatives.
New to the company’s roster of institutional investors from this round are funds managed by Franklin Templeton, which co-led the round with funds and accounts advised by T. Rowe Price and Fidelity Management & Research, along with other institutional and private investors.
The company’s post-money enterprise valuation is north of $1.1
billion, according to the release.
The new light jet program will provide attractive jet pricing for key north-south routes
Wheels Up is poised to launch its first off-fleet pay-as-you-go guaranteed rate program early next year with a light jet card, founder and CEO Kenny Dichter tells Private Jet Card Comparisons. He said the aircraft will come from the jet card provider’s network of vetted operators and will provide members a solution priced between its King Air 350i and Citation Excel/XLS that will be ideal from places like Boston, New York and Chicago to popular Florida destinations such as Palm Beach, Miami, and Naples.