Private plane booking company Wheels Up has announced it raised $128 million in new equity last week, to bring its total valuation to over $1.1 billion.
The funding will help to drive business initiatives, such as acquisitions, investment in sales and marketing targeting membership growth, and scaling of the company’s technology and digital platforms, according to company founder and CEO Kenny Dichter.
“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.”
The raise comes shortly after the company acquired Travel Management Company, which ceased operations in May 2019 – a transaction overseen by Jefferies, LLC.
Wheels Up was represented by Goldman Sachs and BofA Merrill Lynch as placement agents for the Class D equity private placement.