Wheels Up raised $128 million in new equity late last week to help the private flight solutions firm accelerate growth and digital efforts. The Class D equity capital raise comes just three months after Wheels Up acquired charter operator Travel Management Company and brings its total valuation to more than $1.1 billion, it added.
According to Wheels Up founder and CEO Kenny Dichter, this latest financing round will fund several business initiatives, including additional potential acquisitions, acceleration of membership growth through further investment in sales and marketing, and significant scaling of the company’s technology and digital platforms.
“The continued support from our existing investors and the strong interest from new institutions in our latest investment round reinforce the dominance that Wheels Up continues to exhibit as an innovative disruptor and leading force in the private aviation and technology industries,” said Dichter. “As we invest further in growth-focused initiatives, we will focus on potential strategic acquisitions and rapid digital advancements to further our mission of bringing the highest-quality private flight to millions and the private-flying lifestyle to the world."
Wheels Up was represented by Goldman Sachs and Bank of America Merrill Lynch as placement agents for the Class D equity private placement.