Membership-based private aviation company Wheels Up has raised $115m increasing its total value to more than $500m.
The new funding came from monies and trusts managed by T Rowe Price Associates, Fidelity Management and Research Company, and NEA.
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The exclusive firm specialises in reducing upfront costs of flying privately, to provide flexibility, good service and safety to its customers.
Wheels Up founder and CEO Kenny Dichter said: "Wheels Up is a disruptive force and is democratising 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.
"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 honoured to have world-class institutions Fidelity Management and Research Company and NEA on-board."
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By GlobalDataT Rowe Price portfolio manager Henry Ellenbogen said: "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."
In 2013 the company raised its seed funding but did not disclose the amount.
The organisation was created and led by Kenny Dichter, founder of Marquis Jet and innovator of the 25hr fractional jet card in 2013.
It gurantees to provide aeroplanes from its private fleet of Beechcraft King Air 350i and Citation Excel/XLS aircraft.
Wheels Up serves members either at fixed hourly rates as they fly, or through purchasing hours. Member get access to ride-share opportunities, where they can reduce the cost of each flight by allowing other people to travel.
