Wheels Up Joins VistaJet, JetSuite, Victor and Jet Smarter in raising money to fund ambitious expansion plans
Ka-ching. Jet card membership seller Wheels Up said earlier today it had completed an equity capital raise of $117.5 million. The money comes less than four months after the company said it had received a $90 million aircraft financing facility from KKR. Wheels Up said AccorFidelity Management & Research Company and funds and accounts advised by T. Rowe Price Associates, Inc. led this current round and were joined by existing investor, NEA as well as new institutional investors. The company initially set out to raise $100 million but agreed to upsize the offering based on significant investor demand, according to a press release. Wheels Up is now valued at close to $700 million, with an enterprise value north of $1 billion, again according to the company.