Wheels Up completes $128 million Class D equity capital raise with $1.1 billion + valuation

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.

Wheels Up is launching a guaranteed rate light jet program; expanding its flight sharing platform

Wheels Up

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. 

Wheels Up is the Official Private Aviation partner of ‘Capital One’s The Match: Tiger vs. Phil’ golf showdown

Wheels Up

After its sponsorship of Kentucky Derby Triple Crown winner Justify, Wheels Up is betting that the golfing legends will get its brand in front of affluent consumers

 

Pay-as-you-go jet card provider Wheels Up and Turner Ignite Sports today announced a marketing partnership as part of Capital One’s The Match: Tiger vs. Phil, the pay-per-view event featuring Tiger Woods and Phil Mickelson later today. Capital One’s The Match: Tiger vs. Phil live coverage on Turner Sports begins at 2 pm EST. Wheels Up sponsored Justify for the third leg of the Triple Crown earlier this year.

Exclusive: Wheels Up is planning to target the under 10 hours per year private flier

Wheels Up

The pay-as-you-go jet card provider plans to introduce a new membership tier targeting lower frequency private air travelers in 2019

 

After helping develop the 25 hours per year private jet traveler with Marquis Jet Partners before selling it to NetJets, and then launching Wheels Up in 2013 with a pay-as-you-go model attractive to folks who fly under 25 hours per year, Wheels Up CEO Kenny Dichter says his next goal is to bring a branded, high-quality offering to people who fly under 10 hours per year. 

Wheels Up on target for $400 million in sales and 5,000 members

Wheels Up co-founder and CEO Kenny Dichter says his jet card membership company is on track to double members within the next three-and-a-half years

 

Speaking at Revolution.Aero being held in San Francisco, Wheels Up founder and CEO Kenny Dichter told an audience of aviation executives and investors his company will be ready to participate in futuristic private aviation solutions as they develop. “If electric (aircraft) is happening, we want to distribute the technology to our members,” he said. The conference is focused on the future of aviation, including new solutions targeting trips under 300 miles, typically the drive, train and bus market.