Wednesday, June 7, 2017

Rise Acquired By Surf Air

Dallas-based membership airline RISE, which operates a members-only, air travel service in Texas, has been acquired by membership airline startup Surf Air, the two announced on Wednesday. Financial terms of the acquisition were not announced. 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 exact dates when those two networks will merger. As part of the acquisition, urf 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. Rise, like Surf Air, had offered up all-you-can-fly airline service between Austin Bergstrom, Dallas Love Field, Houston Hobby, Midland International, San Antonio International, and David Wayne Hooks. Surf Air's routes are between cities in California.