Wheels Up, the revolutionary membership-based private aviation company, announced today it has completed an equity capital raise of $117.5 million. Fidelity Management & Research Company and funds and accounts advised by T. Rowe Price Associates, Inc. led the round and were joined by existing investor, NEA as well as new institutional investors. The Company initially set out to raise $100 million but agreed to upsize the offering based on significant investor demand. The equity raise comes on the heels of a $90 million aircraft financing facility with KKR completed in June of this year.

According to Wheels Up Founder and CEO Kenny Dichter, this latest round of financing will fund a number of growth initiatives, including adding to the Wheels Up exclusive fleet of Beechcraft King Air 350i aircraft; accelerating membership growth through further investment in sales and marketing; continued exploration of and planning for an expansion into Western Europe and other markets; and significant enhancement of the Company's digital platform. Wheels Up is also looking at adding Citation X aircraft to its private fleet of King Air 350i and Citation Excel/XLS, starting as soon as the first quarter of 2018.