Wednesday, June 7, 2017

Surf Air Acquires Rise, Backed By New Funding

Los Angeles-based membership-based airline Surf Air said Wednesday morning that it has acquired RISE, a Texas-based membership airline. Financial terms of the acquisition were not announced by the companies. Surf Air said the expansion would unlock new growth opportunities in California, Texas, and beyond. Surf Air said it would work over the next 90 days to transition the RISE brand and experience into Surf Air, and that it eventually plans to merge the two networks, although it did not give firm dates on that merged service. Surf Air said it raised an undisclosed amount of new funding from IVP, Anthem, Velos Partners, Plus Capital, Eduardo Savarin, Dermot Desmond, Alexandre De Rothschild, Rick Caruso and various other fund and individual investors.

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