Charter & Fractional
$115 Million Capital Injection Boosts Wheels Up
Fresh investment in private flight provider Wheels Up will boost expansion in the U.S. and Europe.

This morning a group of financial institutions led by T. Rowe Price announced a $115 million capital injection for private flight membership program Wheels Up. The investment is backed by Fidelity Management and Research Company and NEA, and, according to Wheels Up, values the two-year old company at $500 million.

Wheels Up founder and CEO Kenny Dichter said that the fresh funds will support further expansion of the company’s U.S. operations, as well as its plan to begin operations in Europe and the development of new technology platforms, such as its Wheels App member-to-member flight sharing feature.