Total amount raised
$1.9 Billion
Latest funding date
11/01/2024
Location
Wheels Up has successfully navigated 11 funding rounds, attracting investment from notable backers such as Bank of America and Delta Air Lines. The company has also expanded its reach through strategic acquisitions, including the recent purchase of Air Partner.
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 is a membership-based private aviation company headquartered in New York, New York. The company operates within the Air Transportation and Travel industries.
Founded with the aim of reducing the upfront cost to fly privately, Wheels Up has grown to employ between 1001-5000 people. The company is publicly traded and has raised significant funding through Post-IPO Equity.
How Much Funding Has Wheels Up Raised?
- Series Unknown
- Amount Raised: Not publicly disclosed
- Date: January 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial growth and operations.
- Private Equity
- Amount Raised: USD 115,000,000
- Date: September 2015
- Lead Investors: T. Rowe Price
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand fleet and enhance service offerings.
- Debt Financing
- Amount Raised: USD 120,750,000
- 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.
- 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: To accelerate growth and market presence.
- Private Equity
- Amount Raised: USD 117,500,000
- Date: October 2017
- Lead Investors: Fidelity, T. Rowe Price
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand fleet and improve customer experience.
- Series D
- Amount Raised: USD 128,000,000
- Date: August 2019
- Lead Investors: Fidelity, Franklin Templeton, T. Rowe Price
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support strategic growth initiatives and fleet expansion.
- Post-IPO Equity
- Amount Raised: USD 550,000,000
- Date: July 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance market position and fund acquisitions.
- Post-IPO Debt
- Amount Raised: USD 500,000,000
- Date: August 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To refinance existing debt and support fleet expansion.
- Post-IPO Debt
- Amount Raised: USD 332,000,000
- Date: November 2024
- Lead Investors: Bank of America
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To refinance existing fleet and finance new acquisitions.
- Post-IPO Equity
- Amount Raised: USD 50,000,000
- Date: August 2025
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and operational needs.
Total Amount Raised: USD 1,913,250,000. Current Valuation: Not publicly disclosed.
Key Investors
- Bank of America
- Details: Bank of America is a leading multinational investment bank and financial services company headquartered in Charlotte, North Carolina. It has been a significant financier for Wheels Up, particularly in the Post-IPO Debt funding rounds.
- Investment Focus Areas: Financial services, corporate financing, asset management.
- Notable Investments: Wheels Up, Merrill Lynch, Countrywide Financial.
- Delta Air Lines
- Details: Delta Air Lines is a major American airline headquartered in Atlanta, Georgia. It has strategically invested in Wheels Up to enhance its service offerings and operational capabilities.
- Investment Focus Areas: Air transportation, strategic partnerships, aviation services.
- Notable Investments: Wheels Up, Virgin Atlantic, LATAM Airlines.
- Fidelity
- Details: Fidelity Investments is a multinational financial services corporation based in Boston, Massachusetts. It has participated in multiple funding rounds for Wheels Up, including Private Equity and Series D.
- Investment Focus Areas: Mutual funds, brokerage services, retirement services.
- Notable Investments: Wheels Up, Uber, SpaceX.
- T. Rowe Price
- Details: T. Rowe Price is a global investment management firm headquartered in Baltimore, Maryland. It has been a key investor in several funding rounds for Wheels Up, including Private Equity and Series D.
- Investment Focus Areas: Mutual funds, retirement plans, institutional investments.
- Notable Investments: Wheels Up, Tesla, Amazon.
- Franklin Templeton
- Details: Franklin Templeton is a global investment management organization based in San Mateo, California. It has invested in Wheels Up during the Series D funding round.
- Investment Focus Areas: Mutual funds, ETFs, institutional investments.
- Notable Investments: Wheels Up, Alibaba, Microsoft.
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 not only modernizes their fleet but also enhances customer experience, positioning the company to meet the increasing demand for on-demand private aviation.
Future fundraising opportunities are promising, with the revolving equipment notes facility providing additional borrowing access to support fleet transition and other corporate purposes. This financial flexibility will enable Wheels Up to continue its strategic growth initiatives and potentially pursue further acquisitions.
However, the company faces challenges such as execution risks related to fleet modernization and the integration of acquired assets. Market competition and economic uncertainties could also impact demand. Despite these hurdles, Wheels Up's strategic partnerships and focus on fleet enhancement position it well for future success.
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