Wheels Up (WUP, Teterboro) is planning to venture into the European market in late 2016 using part of the USD115 million in additional capital it successfully raised from funds and trusts managed by T. Rowe Price Associates, Inc., Fidelity Management and Research Company, and NEA.
Europe is attracting a number of subscription-based start-ups such as Take Air (Antwerp) in Belgium as well as Texas-based firm RISE (United States of America) (Dallas Love Field) which plans to set up a RISE Europe (London City) subsidiary early next year.
Kenny Dichter, founder and CEO of the New York-based All-You-Can-Fly membership start-up, said the funds would also be used to fuel the company's US expansion as well as to enhance its IT 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 Beech (twin turboprop) King Air 350i, one of the world's most iconic airplanes, in fleet format," Dichter said.
Founded in 2013, Wheels Up has 105 King Air 350is on order from Beechcraft (Wichita Beech Factory) of which thirty-nine have already been delivered with the remainder due to be delivered through 2018. Gama Charters, the US subsidiary of UK firm Gama Aviation (GMA, Farnborough), dry leases and serves as the sole operator for the Wheels Up King Air aircraft. The UK parent will likely act in the same capacity for Wheels Up's European services.
