Two-Year-Old Private Aviation Company Now Valued In Excess Of $500 Million

Wheels Up, the membership-based private aviation company, has completed its first closing on a capital raise of up to $115 million from leading financial institutions including funds and trusts managed by T. Rowe Price Associates, Inc., Fidelity Management and Research Company, and NEA. The Company's valuation is now greater than $500 million.

According to Wheels Up Founder and CEO Kenny Dichter, this latest round of financing will fuel the company's United States expansion, set up a base of operations in Europe, and enhance the Company's technology platform, which includes a unique member-to-member ride-sharing feature.

"Wheels Up is a disruptive force and is democratizing the private aviation space with its unique membership model, which broadens the addressable market, and its partnership with Textron Aviation to exclusively offer the Beechcraft King Air 350i, one of the world's most iconic airplanes, in fleet format," Mr. Dichter said. "We are excited to have T. Rowe Price as lead investor. We share a common vision on the ability of Wheels Up to become a market-leading company. We are also honored to have world-class institutions Fidelity Management and Research Company and NEA on board."

"We believe Wheels Up has the rare combination of experienced entrepreneurs, business model innovation, and a strong financial model. Wheels Up has developed network density and provides real customer value. It has the potential to be a much larger company," said Henry Ellenbogen, portfolio manager at T. Rowe Price.

FMI: www.wheelsup.com