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.
The London-based private jet charter broker expects sales to grow from $39 million to $60 million this year
Online focused on-demand charter broker Victor announced the signing of a strategic investment agreement with BP Ventures, BP’s investment arm, according to a press release received by Private Jet Card Comparisons. “BP Ventures has committed to invest $10 million as lead investor to Victor’s Series B fundraising round. The round, raising a total of $20 million, has been further bolstered through family offices and existing shareholders,” Victor said in a statement.
Private jets from as far away as China will be descending on Cardiff, Wales this weekend when Real Madrid and Juventus meet June 3 for UEFA Champions League Final.
While many private jet companies are investing and promoting apps where customers can request and book private jet charters or book flights in jet card programs, the CEO of Air Partner says people do a better job than technology.
Next time a friend tells you he or she is flying out of London’s Luton Airport, don’t assume they are going on a low-cost airline. While the airport gained notoriety as a base for airlines like easyJet, on-demand private jet charter broker Victor says it was its busiest U.K. airport for during the first quarter of 2017.
Several private jet operators are saying the possible laptop ban for transatlantic flights is unlikely to spur much incremental business. One-way flights between the U.S. and Europe to charter an entire plane runs $60,000 to $100,000.
London-based on-demand private jet charter broker Victor released a list of its top destinations and departure points for 2016. The company has been putting a push on expanding its U.S. operations and focuses its marketing its booking App.