Total amount raised
$1.9 Billions
Latest funding date
Location
Wheels Up has successfully raised funds through multiple rounds, including a recent Post-IPO Debt round. The company has attracted 32 investors, including notable names like Bank of America and Delta Air Lines.
Keep reading to explore the intricacies of Wheels Up's fundraising journey and the investors backing this innovative platform.
What Is Wheels Up?
Wheels Up, founded in 2013, is a membership-based private aviation company headquartered in New York, New York. The company operates in the aerospace, air transportation, and travel industries.
Founded by Bill Allard, Gary Spitalnik, Justin Firestone, and Kenny Dichter, Wheels Up aims to reduce the upfront cost of flying privately. The company employs between 1001 and 5000 people.
How Much Funding Has Wheels Up Raised?
- Post-IPO Debt
- Amount Raised: $332M
- Date: November 2024
- Lead Investors: Bank of America
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To refinance the existing fleet, finance the purchase of GrandView Aviation's fleet, and support fleet transition.
- Post-IPO Debt
- Amount Raised: $500M
- Date: August 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely aimed at expanding their fleet and enhancing their technology platform.
- Post-IPO Equity
- Amount Raised: $550M
- Date: July 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely aimed at expanding their fleet and enhancing their technology platform.
- Series D
- Amount Raised: $128M
- Date: August 2019
- Lead Investors: Fidelity, Franklin Templeton, T. Rowe Price
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their fleet and improve service offerings.
- Private Equity Round
- Amount Raised: $117.5M
- Date: October 2017
- Lead Investors: Fidelity, T. Rowe Price
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance customer experience and expand their fleet.
- Series C
- Amount Raised: Not publicly disclosed
- Date: September 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely aimed at expanding their fleet and enhancing their technology platform.
- Debt Financing
- Amount Raised: $120.8M
- Date: June 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To refinance existing debt and support fleet expansion.
- Private Equity Round
- Amount Raised: $115M
- Date: September 2015
- Lead Investors: T. Rowe Price
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their fleet and improve service offerings.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: January 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely aimed at expanding their fleet and enhancing their technology platform.
- Venture Round
- Amount Raised: $55.7M
- Date: December 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch operations and build initial fleet.
Total Amount Raised: $2.049B. Current Valuation: Not publicly disclosed.
Key Investors
- Bank of America
- Details: Bank of America is a leading multinational investment bank and financial services company. It provides a wide range of banking and financial products and services to individual consumers, small and middle-market businesses, and large corporations.
- Investment Focus Areas: Financial services, technology, healthcare.
- Notable Investments: Various financial services companies, technology firms, healthcare providers.
- Delta Air Lines
- Details: Delta Air Lines is a major American airline, known for its extensive domestic and international network. It is one of the world's oldest airlines in operation and a founding member of the SkyTeam airline alliance.
- Investment Focus Areas: Aviation, travel, related services.
- Notable Investments: Other airlines, aviation technology companies, travel-related services.
- Fidelity
- Details: Fidelity Investments is a multinational financial services corporation. It is one of the largest asset managers in the world, providing investment management, retirement planning, portfolio guidance, and brokerage services.
- Investment Focus Areas: Financial services, technology, healthcare.
- Notable Investments: Various mutual funds, technology startups, healthcare companies.
- Franklin Templeton
- Details: Franklin Templeton is a global investment management organization. It offers a wide range of investment solutions, including mutual funds, ETFs, and retirement plans.
- Investment Focus Areas: Financial services, technology, real estate.
- Notable Investments: Various mutual funds, technology firms, real estate projects.
- T. Rowe Price
- Details: T. Rowe Price is a global investment management firm. It provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors.
- Investment Focus Areas: Financial services, technology, healthcare.
- Notable Investments: Various mutual funds, technology companies, healthcare firms.
What's Next for Wheels Up?
Wheels Up is poised for significant growth with the recent acquisition of 17 Phenom 300 series aircraft and a $332 million revolving financing facility. This expansion enhances their fleet and customer experience, positioning them to meet the increasing demand for private aviation. The financing facility, backed by Bank of America and Delta Air Lines, offers flexibility for future fleet transitions and corporate needs.
Future fundraising opportunities are likely, given the additional borrowing access provided by the revolving equipment notes facility. This financial backing supports Wheels Up's strategic goals, including fleet modernization and leveraging partnerships to offer unique travel benefits. However, challenges such as integrating new assets and maintaining fleet reliability remain. Navigating these hurdles will be crucial for sustaining growth and meeting market expectations.
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