PETALUMA, Calif.,, Sept. 21, 2023 — Electro Ventures, a Western Australian sustainable innovation holdings company with a portfolio of more than a dozen market-leading cleantech companies, has placed an order for ten “JA1 Pulse” eVTOL aircraft.

Electro Ventures has worked with Jump Aero for many years through one of its portfolio companies Electro Aero, and has been impressed with the company’s mission and progress.  As a result of this relationship, Electro Ventures paid a non-refundable deposit to order ten Jump Aero Pulse eVTOL aircraft, for use in the Australian market and have signed an MOU to represent Jump Aero throughout Asia Pacific.

Electro Ventures has a strong presence in Australia and believes that the technology that Jump Aero will provide can make a significant impact in providing rural emergency medical response for Australian citizens living in remote rural conditions.

“We are confident our experience and strong relationship with the regulator will be able to fast track commercial operations to provide this valuable capability to rural communities in Australia and neighboring countries. This commitment demonstrates the strength of our conviction in Jump Aero’s high-speed Pulse aircraft design, technology and business model. We look forward to empowering superheroes and helping them save lives” – Joshua Portlock, Founding Innovation Partner, Electro Ventures

The JA1 Pulse can fly one trained professional plus emergency equipment to unimproved landing zones in rural areas. More detail about the aircraft is available at: www.jumpaero.com

Jump Aero Incorporated is an advanced air mobility company with a mission to leverage electric vertical takeoff and landing (eVTOL) aircraft technology to help save lives by reducing emergency response times in rural areas. Jump Aero is headquartered in Petaluma, California with satellite offices in Santa Paula, California and Chelsea, Massachusetts.

About Electro Ventures

Electro Ventures is an entrepreneur-led venture holdings company advancing sustainable innovation! We already have a diverse portfolio of market-leading sustainable ecosystem companies that we have either founded and grown from the ground up or invested in at an early stage. We are now focused on finding, nurturing and growing other complementary sustainability innovation companies that are solving real-world renewable energy and electric mobility problems.

Media Contact:
Katerina Barilov
408-429-0087
365715@email4pr.com

SOURCE Jump Aero Inc.

HOMEWOOD, Ill., Sept. 21, 2023 — Entrepreneur magazine again ranked iFranchise Group, the nation’s premier franchise consulting firm, at the top position in the Franchise Consulting/Development category in its esteemed Top Franchise Suppliers annual survey. This is iFranchise Group’s fifth consecutive year in the survey’s top spot, with the greater franchising community consistently ranking iFranchise Group as the preeminent franchise consulting firm in the industry in each of the five years in which this survey has been undertaken.

“We are deeply grateful and honored for this continued recognition from our fellow franchising community members and Entrepreneur magazine,” said Mark Siebert, iFranchise Group’s CEO. “Having our clients’ trust and confidence humbles and motivates us, and further reinforces our dedication to excellence and client service,” Siebert added. 

This year’s survey rankings are featured in the September/October issue of Entrepreneur and on Entrepreneur.com.  They highlight the leading service providers in eleven categories, shining a well-deserved spotlight on suppliers and vendors to the franchising industry.  A record-breaking 1,000-plus franchise brands participated in the survey this year.

Entrepreneur’s Top Franchise Suppliers survey polls franchisors, ranging from emerging to long-established franchise brands, on which vendors and suppliers they prefer. Franchisors evaluated companies based on performance in crucial areas such as quality, cost, value, and overall satisfaction, among others. Entrepreneur’s survey and rankings are a helpful resource for anyone in the franchising industry seeking to evaluate trusted service providers because the rankings provide valuable insights into the top-performing suppliers in franchising.

As the industry’s leading franchise consulting and development firm, for over 25 years iFranchise Group has provided unparalleled expertise and a comprehensive range of customized services to companies eager to expand through franchising.  iFranchise Group has the franchise industry’s most knowledgeable and experienced consultants who collectively have hundreds of years of experience in franchise consulting, development, implementation, marketing, and sales.  As one of the firm’s executive leaders, Siebert has also published the book, Franchise Your Business: The Guide to Employing the Greatest Growth Strategy Ever, now heading into its second edition and widely considered to be the authoritative industry handbook on franchising.

For established franchisors, iFranchise Group also serves as a strategic partner, leveraging their expertise to audit and refine franchise business models, update operations manuals, and develop innovative training programs. They also aid in crafting effective marketing tools and strategies, as well as improving franchise sales and onboarding processes.

iFranchise Group’s expertise is exemplified by the success stories and testimonials that come from dozens of franchisors. The group’s commitment to client success makes them a trusted partner at the forefront of the industry, while empowering both emerging and established franchisors to reach their growth goals.

About iFranchise Group

iFranchise Group is the nation’s leading franchise consulting firm, offering the skills of top franchise experts in franchise strategic planning, operations training and documentation, franchise marketing and sales, and franchise best practices for emerging and established franchise companies worldwide. For more information about iFranchise Group and its services, please visit www.ifranchisegroup.com or contact (708) 957-2300 or [email protected].

Contact:
Judy Janusz
(708) 957-2300
365654@email4pr.com

SOURCE iFranchise Group

HANGZHOU, China, Sept. 21, 2023 — Lynk Pharmaceuticals Co., Ltd. (hereinafter referred to as ‘Lynk Pharmaceuticals’), an innovative clinical stage company, today announced the successful completion of Series C2 financing. This round of financing was jointly participated by the Shaoxing Binhai New Area Biomedical Industry Equity Investment Fund managed by China Grand Prosperity Investment, Haibang Venture and Howbuy Primary Fund, while original shareholders, New Alliance Capital and Lilly Asia Ventures (LAV), increased their investment. Following Series C1 financing on May 31, this new funding marks another step in the company’s continuous growth, bringing the total amount raised in the C-round to 322 million RMB. HaoYue Capital acted as the exclusive financial advisor in this transaction.

Founded in 2018, Lynk Pharmaceuticals is a leading company dedicated to the research and development of FIC and BIC drugs targeting autoimmune diseases, inflammation, and oncology. Leveraging the core team’s extensive background in medicinal chemistry, biology, clinical development, and commercial development, and with an average of more than 20 years of experience in new drug research and development, Lynk Pharmaceuticals focuses on innovative and differentiated pipeline development. The core of the pipeline is centered around the development of second-generation highly selective and third-generation tissue-specific JAK inhibitors, while also exploring the potential of innovative target-based drug development.

Since its establishment, efficient execution has propelled Lynk Pharmaceuticals rapid development. In the past three months, the Phase II clinical trial data for LNK01001 in rheumatoid arthritis, atopic dermatitis, and ankylosing spondylitis have been successively released, with all results demonstrating significant therapeutic effects and a high level of safety. These results highlight the characteristics of small molecule JAK1 inhibitors, that have quick onset action and excellent efficacy. The company has submitted applications for the End of Phase II (EOP2)/Pre-Phase III meeting; several indications are poised to enter Phase III clinical trials, aiming to benefit more patients as soon as possible. Additionally, first patient dosing was achieved in a Phase 1b trial of LNK01004 in both psoriasis and atopic dermatitis in the first half of this year. The early clinical trial data fromLNK01002 and LNK01003 are also promising while the pre-clinical pipeline development is progressing steadily as well.

Lynk Pharmaceuticals innovative research and clinical development capabilities have been continuously validated and enhanced, positioning the company for a crucial stage of rapid value growth. According to Frost & Sullivan’s projections, the market size for JAK1 inhibitors is expected to reach $30.5 billion by 2030, underscoring the significant potential of the future market. Leveraging the considerable market demand in autoimmune diseases and oncology, the company holds substantial commercialization prospects.

Dr. Zhao-Kui (ZK) Wan, Chairman and CEO of Lynk Pharmaceuticals, said, “We are grateful for the support and trust from Shaoxing Binhai New Area Biomedical Industry Equity Investment Fund （managed by China Grand Prosperity Investment）, New Alliance Capital, Fenghua Venture, Howbuy Primary Fund and Lilly Asia Ventures (LAV) for this round of investment. We also thank Tailong Capital and Liando Investment, the series C1 round investment institutions. Together they have helped us successfully complete the C round of financing. As a company focused on the treatment of autoimmune diseases and oncology, Lynk Pharmaceuticals is committed to developing globally competitive FIC/BIC innovative drugs and delivering differentiated and innovative therapeutic solutions to patients worldwide. We are pleased to see that even amidst the current challenges in the biopharmaceutical capital landscape, Lynk Pharmaceuticals continues to gain support from both new and existing shareholders, demonstrating the capital market’s recognition of our team. During this rapid growing stage, we will need to consolidate resources from various aspects, further invest in clinical development, R&D teams, and technology platforms, aiming to provide safer and more effective innovative drugs to patients as early as possible. HaoYue Capital acted as the exclusive financial advisor for this financing, and we sincerely appreciate their professionalism and support.”

Mr. Ding Yameng, Founding and Managing Partner and Chief Operating Officer of HaoYue Capital, said, “We are honored to continue assisting Lynk Pharmaceuticals in completing this round of financing. The field of autoimmune diseases is diverse and complex, with significant room for expanding indications and numerous unmet clinical needs, offering distinct opportunities for innovation. Lynk Pharmaceuticals has an internationally competitive and innovative pipeline that is continuously gaining market validation and recognition. We look forward to seeing breakthrough potentials in subsequent clinical validations of multiple highly differentiated candidates from Lynk. We believe that under the guidance of a highly capable and mission-driven team, Lynk Pharmaceuticals will steadily navigate through cycles, embrace the vast blue ocean markets, and provide better choices for patients soon.”

About Lynk Pharmaceuticals:

Lynk Pharmaceuticals, a clinical stage company, was founded in 2018 by senior drug R&D experts and executives from Pfizer, Merck, and Johnson & Johnson. Lynk Pharmaceuticals is dedicated to the discovery and development of innovative drugs for the treatment of cancer, as well as autoimmune and inflammatory diseases. Driven by a higher goal, Lynk Pharmaceuticals aims to be a market leader to address unmet medical demands by the development of innovative therapies. To date, Lynk Pharmaceuticals has independently developed several innovative new drugs and successfully completed a number of clinical studies. For more information about Lynk Pharmaceuticals, please visit: https://www.lynkpharma.com

About China Grand Prosperity Investment:

Founded in Beijing in 2010, China Grand Prosperity Investment (Prosperity Investment) plays an important role as a pioneer, leader and advocate of China’s FOFs. Based on the advantages of national layout resources and professional asset management capabilities, Prosperity Investment has developed diversified business models such as FOF, secondary fund, direct investment fund, case fund, M&A and PIPE. Prosperity Investment is committed to growing into a local private equity asset management institution which has a better understanding of management and exit strategies in China. Adhering to a market-oriented, professional and industrialized approach, Prosperity Investment has a core focus on strategic emerging industries such as semiconductors, next generation information technology, healthcare, advanced manufacturing, new energy, and new materials. Their investments cover all stages ranging from angel, VC, PE, to M&A, and aim to promote industrial transformation and improvement through innovation and empowerment of high-quality development for a better economy. Over the years, Prosperity Investment has always adhered to the ESG investment philosophy, aiming to achieve win-win economic, environmental and social benefits, including building long-term competitive advantages and working alongside their partners for a sustainable future.

Shaoxing Binhai New Area Management Committee established the Shaoxing Binhai New Area Biopharmaceutical Industry Equity Investment Fund in August 2020. Prosperity Investment acted as the executive affairs partner. The fund operates and manages according to the principles of “guidance from government, market operation, scientific decision-making, and risk prevention”, fully implementing the economic development strategy of the Shaoxing and Binhai New Area. The total size of the fund is 10 billion yuan. It mainly uses the “sub-fund + direct investment” model for investment and invests in the construction of Shaoxing’s new industrial platform of “10,000 acres of land, 100 billion yuan” in the biopharmaceutical industry, to support the development and growth of emerging industries led by the biopharmaceutical industry at the municipal and district levels.

About New Alliance Capital:

New Alliance Capital was established in 2008 and is a fund management company specializing in private equity and venture capital. The main investment directions of New Alliance Capital include TMT and healthcare, covering early, growth, and maturity stages. So far, more than 120 investments have been completed, including nearly 30 IPOs/listed enterprises both domestically and internationally, cultivating a group of industry leaders.

About Haibang Venture:

Haibang Venture was established in Hangzhou in 2010. Haibang has always adhered to a professional and refined investment direction, continuously deepening its presence in critical areas such as life and health, the digital economy, new materials, and high-end manufacturing. For early-stage projects, the fund has explored and summarized a unique investment model characterized by “technology + talent” based on solid industry research. This model has significantly contributed to attracting high-end talents, supporting talent entrepreneurship and innovation, and promoting talent enterprises to enter the capital market.

About Howbuy Primary Fund:

Howbuy, founded in 2007, is a leading independent third-party wealth management company. Howbuy Primary Fund is an affiliated department engaged in VC/PE investment under Howbuy with nearly 20 billion RMB in FOF, industry funds, and co-investment funds under management. Howbuy Primary Fund focus on outstanding funds and companies in healthcare, deep technology, TMT, industrial digitalization and consumer industry.

About Lilly Asia Ventures(LAV):

Lilly Asia Ventures (LAV) is a leading biomedical venture capital firm founded in 2008, with offices in Shanghai, Hong Kong, and Palo Alto. Our vision is to become the trusted partner for exceptional entrepreneurs seeking smart capital and to build great companies developing breakthrough products that treat diseases and improve human health.

About HaoYue Capital

HaoYue China Healthcare Fund is a private equity investment fund specializing in China healthcare. With the help of HaoYue Capital’s investment banking business, HaoYue China Healthcare Fund invests in healthcare companies with extraordinary growth potential. They empower the success of their portfolio companies and serve investors with returns above market average. They invest in leading companies in key areas across biopharma, medical devices, healthcare services & digital health, and IVD & precision medicine. HaoYue China Healthcare Fund is a private equity investment fund, specializing in China healthcare.

SOURCE Lynk Pharmaceuticals Co., Ltd.

New funding comes as investments made through the Allocate platform near $500MM 

SAN FRANCISCO, Sept. 21, 2023 — Allocate, a platform that provides investors with a streamlined way to invest and manage private investments, announced the closing of $10MM in financing, bringing the total capital raised since the company launched in July 2021 to $33.5MM.

The round included Gopher Asset US, an affiliate with Noah Holdings International (NYSE: NOAH), Intera Investments, M13 Ventures, along with several prominent family offices.

“This new capital bolsters our balance sheet to allow us to further accelerate our vision of modernizing investment into venture capital by granting investors a previously unavailable level of curated access and portfolio transparency,” said Samir Kaji, CEO & Co-Founder of Allocate. “With over 600 active RIAs and Family Offices having deployed nearly $500MM through the Allocate platform across 58 manager strategies since our Q4 launch, it is clear that the demand for high quality venture remains strong but the infrastructure to access and manage investments needs to improve significantly for investors of all types.”

In addition to the new funding, Allocate has also added three key hires to the company. Nic Millikan, most recently Deputy Chief Investment Officer at CAZ Investments and previously Head of Investment Strategy at CAIS, will head up Family Office solutions for the company. Peter Epstein, most recently Executive Director and Alternative Investments Specialist at JP Morgan and Gregory Rollins, most recently Senior Vice President at iCapital Network, will also join as part of Allocate’s relationship management team for Private Banks and Wealth Advisory firms.

“The interest in venture capital investing has grown significantly among non-institutional investors, but the tools and services to invest responsibly in the asset class have not historically been available to them,” said Nic Millikan. “What excited me about Allocate is that, in a very short period of time, they have built an incredible community of investors and managers, and the company’s vision in making venture investing more accessible, transparent, and liquid.”

Alternative investments are rapidly becoming a staple in individual client portfolios. With the equity and bond markets in a state of flux, alternatives have shown that they can improve performance while reducing volatility. Within alternative investments, venture capital is a unique and growing segment – especially for non-institutional investors. However, these same investors lack the tooling and education to make effective investment decisions. Allocate has built a platform that makes venture investing more accessible, effective, and transparent.

About Allocate

Founded by Samir Kaji and Hana Yang in 2021, the founding team is uniquely positioned to unlock access to the new era of venture capital investing. The two co-founders have worked closely with over 1,500 venture fund managers in their careers. The Allocate team previously had tenures at SVB Financial Group, SVB Capital, Hamilton Lane, Makena Capital, Commonfund, CAIS, Bowdoin Endowment, iCapital Network, Fidelity, First Republic Bank, Gradifi, and Vistaprint.

SOURCE Allocate

The Company Also Introduces Their Flagship Product, Tomei RWA

NEW YORK, Sept. 20, 2023 — Jiritsu, a pioneer in verifiable computing, is thrilled to announce it has secured $10.2 million in funding, this round has been led by gumi Cryptos Capital, with participation from Susquehanna Private Equity Investments, LLLP, Republic Capital, and other investors.

This significant financial backing will accelerate Jiritsu’s mission of revolutionizing blockchain solutions. The company’s groundbreaking Unlimited Verifiable Compute (UVC) technology offers an easily programmable approach that can be applied virtually to any workflow and generates Proof of Workflow (PoWF), setting a new paradigm in verifiable computing.

“Securing this funding is a significant milestone for Jiritsu,” said Jacob Guedalia, CEO of Jiritsu. “It validates our vision and the groundbreaking work we’ve been doing in the field of verifiable computing. The strong strategic value of our investors, who are leaders in Real-World Assets, further solidifies our position. We’ve delivered over 4 million PoWF and counting, our UVC technology is setting new industry standards.”

Introducing Tomei RWA, Jiritsu’s Flagship Product

Alongside this funding news, Jiritsu is proud to unveil Tomei RWA, a revolutionary asset tokenization platform. Built on Jiritsu’s UVC and ZK-MPC technologies, Tomei offers unparalleled assurance in asset management through its proprietary attestation system. The platform employs Zero-Knowledge (ZK) attestations for secure and compliant asset onboarding, while also providing granular, permissioned access to data. Tomei’s automation further streamlines compliance by minting tokens tied to initial ZK attestations, and its dynamic consensus mechanism ensures accurate, on-chain asset valuations.

“In summary, Tomei is a game-changer in the asset management industry,” added Jacob Guedalia. “We’re excited to leverage the funding to accelerate the development and adoption of both the UVC platform and Tomei RWA.”

The Team Behind Jiritsu

The team is led by Jacob Guedalia, a successful serial entrepreneur with 4 exits and 50+ US Patents. He holds a BA in Physics and Philosophy from YU and a graduate degree in Applied Physics from the Weizmann Institute in Israel. David Guedalia, the Founder & Chief Architect, is a CTO with multiple exits and 50+ US patents. He holds a Ph.D. in Neural Computation at the Hebrew University in Jerusalem. Asher Gottesman co-Founder, has more than 20 years of experience in private equity. The team also includes Ph.D.s in Computer Science, Cryptography, Mathematics, and Physics.

Quotes from Investors

gumi Cryptos Capital: “Jiritsu has developed a technology platform for compute verification, an increasingly important Internet infrastructure,” said Miko Matsumura, Managing Partner at gumi Cryptos Capital. “With the launch of Tomei, we feel that the team has identified a killer application for this platform.”

Republic Capital: “We are thrilled to invest in this amazing team. We believe Jiritsu will be an important catalyst for the tokenized real-world asset space with its Verifiable Compute technology,” said Brian Johnson, Senior Director at Republic Capital.

“RWAs may become one of the best use cases for blockchain,” said Yida Gao, Shima Capital’s Founder and Managing General Partner. “We are extremely bullish on Jiritsu’s ability to accelerate the path towards mass adoption by scaling the asset tokenization sector with their unlimited verified compute technology powered by MPC.”

Additional Investors

In addition to gumiCC, Susquehanna Private Equity Investments, LLLP and Republic Capital the funding round also includes participation from Comma3, Kestrel, Eterna, Kestrel, Sera Fund, Evernew, Polymorphic, Shima, Tokentus, and other native blockchain funds, further solidifying the strong investor confidence in Jiritsu Network and its innovative solutions.

www.jiritsu.network www.tomei.network

Press Contact
Fiona Dorothea [email protected]

About Jiritsu
Jiritsu is a leading technology company specializing in decentralized and verifiable computing. Founded in 2020, the company has been at the forefront of computational innovation, developing technologies like Unlimited Verifiable Compute (UVC) and decentralized Zero-Knowledge Multi-Party Compute (ZK-MPC).

About gumi Cryptos Capital
gumi Cryptos Capital (gCC) is a boutique early-stage blockchain-focused venture capital firm based in Silicon Valley. We believe the Internet will become the single largest market in human history, and it will be rebuilt on a foundation of new protocols that protect and coordinate the transfer of digital assets, resources, and intellectual property, generate consensus, incentivize network participants, and decentralize ownership. Since 2018, we have been among the earliest supporters of the founders of successful projects like OpenSea, Yield Guild Games, 1inch, Hashflow, Qredo, Agoric, and Lit Protocol. We add value by leveraging our entrepreneurial experience and global networks.

Media Contact:
Jiritsu
[email protected]

Photo(s):
https://www.prlog.org/12984993

Press release distributed by PRLog

SOURCE Jiritsu

The $500 million credit facility is expected to provide financial stability and serve as a strategic platform for future profitable growth

Also, announces new Board of Directors structure

NEW YORK, Sept. 20, 2023 — Wheels Up Experience (NYSE: UP) today announced that it has closed the previously announced investment by Delta Air Lines, Certares Management LLC, Knighthead Capital Management LLC and Cox Enterprises.

The new investment structure combines the experience of Delta, the No. 1 premium airline, with the travel and tourism focus of Certares and turnaround and restructuring experience of Knighthead. It includes an agreement for a $500 million credit facility to Wheels Up, with funds contributed by Delta and CK Wheels LLC, which is co-managed by affiliates of Certares and Knighthead, and Cox. The announcement follows last week’s selection of George Mattson as the company’s new CEO.

“This investment represents both an important source of capital for Wheels Up to support our strategy for financial stability, future profitability and long-term growth on behalf of our members and customers, as well as a vote of confidence in our path forward from a group of investors with deep experience in the premium travel space,” Mattson said. “We look forward to working closely with Delta and our other investors to deliver best-in-class operating performance and an exceptional customer experience which, as we deepen our commercial partnership, will also enable us to provide a one-of-a-kind seamless connection between private and premium commercial travel.”

“Wheels Up is an integral part of Delta’s portfolio of premium partners, and this deep relationship offers a significant opportunity to deliver compelling benefits to our customers that are unique in the travel space,” said Dan Janki, Wheels Up Chairman and Delta’s Chief Financial Officer. “This investment and new leadership puts Wheels Up on a strong path to future success.”

The credit facility is comprised of a $350 million term loan funded at closing from Delta, CK Wheels LLC and Cox and a $100 million revolving credit facility from Delta. The terms of the credit agreement permit a new lender to provide a $50 million term loan after the closing date, as approved by Delta, Certares, Knighthead and Cox, and it is anticipated this additional funding will close in the near term.

In connection with the closing of the credit facility, the lenders will initially receive newly issued Wheels Up common stock representing 80% of the company’s outstanding equity as of the closing of the credit facility, on a fully diluted basis. After approval by Wheels Up’s stockholders of an amendment to its certificate of incorporation, the company will issue to the lenders additional new shares such that the lenders will own 95% of the company’s outstanding equity as of the closing of the credit facility, on a fully diluted basis.

Wheels Up also announced a new structure for its Board of Directors. Under the new structure, Delta Air Lines will appoint four directors, Certares and Knighthead each will appoint two directors, and Cox will appoint one director. In addition, one company executive will join the Board and two independent directors are expected to remain from the previous Board.

The parties were assisted in the transaction by a number of strategic advisors, including: Davis Polk, Jefferies LLC, Kirkland & Ellis and PJT Partners. 

About Wheels Up

Wheels Up is a leading provider of on-demand private aviation in the U.S. and one of the largest private aviation companies in the world. Wheels Up offers a complete global aviation solution with a large, modern, and diverse fleet, backed by an uncompromising commitment to safety and service. Customers can access membership programs, charter, aircraft management services and whole aircraft sales, as well as unique commercial travel benefits through a strategic partnership with Delta Air Lines. Wheels Up also offers freight, safety and security solutions and managed services to individuals, industry, government, and civil organizations.

Wheels Up is guided by the mission to connect private flyers to aircraft, and one another, through an open platform that seamlessly enables life’s most important experiences. Powered by a global private aviation marketplace connecting its base of approximately 12,000 members and customers to a network of approximately 1,500 safety-vetted and verified private aircraft, Wheels Up is widening the aperture of private travel for millions of consumers globally. With the Wheels Up mobile app and website, members and customers have the digital convenience to search, book and fly.

To learn more about Wheels Up, go to Wheelsup.com

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside of the control of Wheels Up Experience Inc. (“Wheels Up”). These forward-looking statements include, but are not limited to, statements regarding:  (i) the impact of new strategic initiatives on Wheels Up’s business and results of operations, including the expected impacts from director and officer appointments, cost reduction efforts, measures intended to increase Wheels Up’s operational efficiency, and the ability of Wheels Up to execute and realize the anticipated benefits from, and the degree of market acceptance and adoption of, any new services or partnership experiences, including member program changes implemented in June 2023 and any future member program changes; (ii) the competition in, size, demands and growth potential of the markets for Wheels Up’s products and services and Wheels Up’s ability to serve those markets; (iii) any potential adverse impacts on the trading prices and trading market for Wheels Up’s common stock, par value $0.0001 per share, as a result of the closing of the credit facility and dilutive stock issuances described in this press release, including the impact of any contractual requirements or covenants set forth in the definitive documents for such credit facility and stock issuances on the Company’s business, results of operations and liquidity; (iv) the possibility of an additional term loan being funded under the terms of the credit agreement described in this press release; (v) Wheels Up’s liquidity, future cash flows, deferred revenue balances and certain restrictions related to its debt obligations, including Wheels Up’s ability to perform under its contractual obligations to its members and customers; and (vi) general economic and geopolitical conditions, including due to fluctuations in interest rates, inflation, foreign currencies, consumer and business spending decisions, and general levels of economic activity. The words “anticipate,” “believe,” continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strive,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that statement is not forward-looking. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in Wheels Up’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 31, 2023, Wheels Up’s Quarterly Report on Form 10-Q for the three months ended June 30, 2023 filed with the SEC on August 14, 2023, and Wheels Up’s other filings with the SEC from time to time. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, Wheels Up does not intend to update any of these forward-looking statements after the date of this press release or to conform these statements to actual results or revised expectations.

Securities Disclaimer

The issuance, offer and/or sale of any securities described herein has not been registered under any federal or state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the applicable federal and state laws. This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

SOURCE Wheels Up

Investment will fuel expansion of Ashcroft’s Sun Belt portfolio

NEW YORK, Sept. 20, 2023 — Ashcroft Capital, a fully integrated multifamily investment firm, today announced that it has entered into a strategic venture with Temerity Strategic Partners (TSP) that provides Ashcroft with $50 million of growth capital. The capital is expected to support an estimated $1.5 billion of acquisitions over the next two to three years, as Ashcroft expands its Sun Belt portfolio.

“We are excited to have this capital and backing from Temerity Strategic Partners as we position ourselves to benefit from the dislocation and repricing taking place in the market. We look forward to continuing to build our portfolio and delivering on our promise of improving the quality of life of the residents at each of our communities,” said Frank Roessler, founder and CEO of Ashcroft. “The founders of Temerity Strategic have been instrumental in the growth and success of many of the largest real estate operators in North America and across all asset classes. We expect that with Temerity Strategic as our partner we will continue to scale the Ashcroft platform.”

Ashcroft currently owns and, through its Birchstone Residential affiliate, manages apartment communities throughout Texas, Georgia, Florida and North Carolina. In addition to its existing markets, the company is looking to expand into such other Sun Belt markets as Arizona and Tennessee.

“We continue to cultivate a strong roster of like-minded institutional joint venture partners,” said Scott Lebenhart, chief investment officer at Ashcroft. “Our partnership with Temerity Strategic will further support the expansion of our JV program with existing relationships and select new institutional partners.”

“Temerity Strategic provides growth capital and expertise to established, focused, vertically integrated and best-in-class real estate operators that are uniquely positioned for success, which is exactly why we identified Ashcroft as a candidate for our firm’s sponsorship,” commented Bruce Cohen, co-founder and CEO of TSP. “Ashcroft has emerged as a leader in the multifamily industry, and we are big believers in the Ashcroft team’s vision of building a portfolio throughout high-growth metropolitan areas in the Sun Belt region. We are excited to support Ashcroft’s expansion through a combination of capital, resources and strategic guidance.”

TSP seeks to partner with real estate owners and operators that have scaled businesses, an established competitive advantage, in-depth customer and broker knowledge, strong access to institutional capital and a track record of successful deals.

“Ashcroft exhibits all of the attributes we seek in the platforms with which Temerity Strategic will be partnering,” added Jeffrey B. Citrin, co-founder and executive chairman of TSP. “When you add what Temerity Strategic brings to the table with Ashcroft’s multifamily expertise, exemplary corporate culture and strategic vision, the stage is set for Ashcroft to truly soar.”

About Ashcroft Capital
Founded in 2015, Ashcroft Capital is a vertically integrated multifamily investment firm that currently owns and manages 14,000 units – totaling $2.6 billion in value – throughout several high-growth metros of the Sun Belt. The firm focuses on capital preservation while striving to return strong, risk-adjusted cash-on-cash to investors. Ashcroft is capitalized with high net worth, family office and institutional capital. Ashcroft specializes in value-add multifamily real estate and exhibits an expertise in extracting maximum value from every asset it acquires. Rather than attempting to play cycle timing, the firm strives to acquire excellent apartment communities within well-located submarkets of large and growing U.S. metros. Ashcroft is driven by a focused mission to improve the quality of life of the residents at each community in its portfolio.

About Birchstone Residential
Birchstone Residential is the in-house property management company of Ashcroft Capital. It has a comprehensive property management platform that provides all essential services, including leasing, maintenance and construction management. Birchstone was purpose-built to execute the value-add business plan for each Ashcroft property, optimize financial returns and deliver high resident satisfaction. Committed to a people-centric culture and employee development through job training, job enrichment and accelerated development, Birchstone seeks to provide best-in-class service that attracts new residents and enriches the lifestyles of current residents.

About Temerity Strategic Partners
Temerity Strategic Partners is a Chicago-based private equity firm with a focused strategy of providing growth capital to real estate operating, development, and asset management companies on behalf of its principals and a distinguished group of private and institutional investors. TSP provides growth capital, strategic resources and access to its extensive relationships to support rapidly growing, market-leading real estate owners and operators executing development, value-add and core-plus strategies throughout the United States. Founded by industry veterans Bruce Cohen and Jeff Citrin, TSP leverages its experience in building, capitalizing and investing in preeminent real estate operating platforms to support the pursuit of their long-term objectives.

Media Contact
Stephen Ursery
LinnellTaylor Marketing
[email protected]
303.682.3945

SOURCE Ashcroft Capital

A mission manager turned matchmaker removes traditional messaging from her new app, prompting users to instantly request dates

ORLANDO, Fla., Sept. 20, 2023 — Founder of the app Only, and current mission manager at SpaceX, Courtney Cline had heard the same stories of ghosting, lack of initiative, or time wasted on dating apps countless times. Inspired to develop a more pragmatic type of dating and social app, Cline removed traditional direct messaging and integrated a calendar widget that prompts users to instantly request dates upon matching.

“Entering the corporate world post grad, I noticed first hand how difficult it was to make and maintain relationships,” says Courtney Cline. “I saw myself and friends get busier, the idea of making real connections with like-minded people was a multi step process and I just wanted something more efficient.”

Joined by co-founders Kendall Packo and Chris Millsap, the Only team saw an opportunity to move away from speed swiping to something more intentional. Offering options for romance or friendship, Only streamlines how users commit to and plan future dates. Compared to a swipe interface, Only’s algorithm brings deliberate matches to you. Once matched, users can request specific restaurants or events to be booked on their calendar, spending less time in an inbox. Key features of the current Only app include:

• Instant Date Requests: Users can browse profiles and send instant date requests eliminating the need for prolonged messaging.
• Shared Interests: Only’s advanced algorithm matches users based on their shared interests and location, ensuring more meaningful and compatible connections.
• Calendar Integration: Users are able to see each other’s calendar availability, expediting the time it takes to pick a common day and time.
• Friendship or Romance: Only allows users to toggle between ‘Friendship’ and ‘Romance’ options.

Only is in a pre-seed round of funding to get an updated Version 1.0 of the app release by Q4 2024. This funding will most notably get the company revenue positive with a mere 50,000 users based on projections by leveraging restaurant promotions, ticket transactions, and a date marketplace for users and investors. Further funding will support development of Version 2.0 which will expand into a subscription model featuring AI.

The ‘Only’ app is an introductory product of Single Riders Only Inc. It is currently available to download in the United States and Canada through the App Store and Google Play. Created to be the insta-booking app of the dating world, Only utilizes calendar integration for hassle free planning. Be it romantic or platonic, Only strives to create a community of people looking to expand their horizons beyond the screen and get to living their most fulfilling lives, one experience at a time. Download, follow, and learn more:

Download Only: Dating & Friends on the App Store and Google Play, follow us on Instagram @theonlydatingapp and TikTok @theonlyapp, and visit us online at https://singleridersonlyapp.com/

For more information, questions, or other press material, please contact…
Courtney Cline, Founder & CEO
[email protected]
(312)271-0883
Kendall Packo, Co-Founder & CMO
[email protected]
(330)620-3373

SOURCE Only

Authentic’s Turnkey Captive Insurance Platform Allows Any Vertical SaaS, Franchise Group, Associations, and Other Organizations to Launch Captive Insurance Programs

NEW YORK, Sept. 20, 2023 — Authentic, a turnkey insurance platform that allows vertical SaaS companies, franchises, and other groups to reap the benefits of captive insurance, announced the close of a $5.5M Seed round. The round was led by Slow Ventures with participation from Altai Ventures, MGV, Upper90, Clocktower, Commerce Ventures, Mischief Ventures, Core Innovation Capital, and prominent insurance executives.

According to the NAIC, 90% of Fortune 500 Companies utilize captive insurance, which is a form of “self-insurance.” With captive insurance, organizations create their own insurance companies instead of buying insurance from a broker or insurance carrier. 

Captive insurance provides many benefits, including creating an additional revenue stream for parent companies, tailored insurance coverage, lower insurance premiums, and more. For the last 50 years, only large corporations have mainly utilized captive insurance companies due to the cost and complexity of setting one up. 

Authentic’s “Captive in a Box” platform now makes it possible for any Vertical SaaS company, franchise, association, etc., to launch captive insurance programs for their members in a matter of weeks. Authentic’s turnkey platform handles all of the logistics of setting up a captive insurance company, including:

• Legal: Setting up a Domicile, Administration, etc.
• Underwriting: Filing Rates with Regulators, Pricing, Actuarial Analysis, etc.
• Reinsurance & Capital: Reinsuring, Capitalizing Captives, etc.
• Claims Management, Customer Servicing, and more.

“Captive insurance provides many benefits to organizations and their members, but until now, setting one up was a very long and expensive process,” explained Cole Riccardi, CEO & Founder, Authentic. “Through Authentic’s platform, anyone can create their own captive insurance program and realize the benefits within days,” said Riccardi.

Before Authentic, there were two ways Vertical Saas companies, franchises, etc., could monetize insurance. First, they could sell their leads to insurers and receive a one-time lead fee. The second option was to partner with an insurance broker or carrier and get a commission on each policy sold.

Authentic not only allows its partners to get a commission on every policy sold, but they also keep the majority of underwriting profit. Partnering with Authentic requires no engineering or insurance resources. All that is required from Authentic’s partners is to insert a line of code into their platform to start selling insurance. 

“Over the last few years, we’ve seen a lot of software startups becoming FinTech companies by embedding payments and lending products to monetize their customer base,” explained Marc Schroder, founder of MGV. “Insurance is the next embedded product, but what makes Authentic a win-win is that software companies, roll-ups, etc., can create a new revenue stream while its members get hyper-tailored insurance policies at a fair price,” said Schroder.

Authentic, based out of Manhattan, NY, and Dayton, OH, is comprised of professionals from leading technology and insurance companies, including Next Insurance, Amazon, Canary Consulting, and Aquiline Capital Partners. This mix of technical, entrepreneurial, and insurance experience helped Authentic create the first end-to-end platform that allows SMEs to create captive insurance programs and distribute insurance to its members.

“Authentic’s ‘captive in a box’ allows them to sidestep the current distribution problems of adverse risk selection that the insurance industry has struggled to overcome,” explained Sam Lessin, Managing Partner, Slow Ventures. “Authentic’s partners stand to benefit from sharing data to better assess and price risk, as they are the ones that reap the rewards from more successful programs.”

Authentic has launched with initial customers and already has a waitlist of customers launching throughout Q4 2023. Currently, Authentic is offering Business Owner’s Policy (BOP) coverage and is targeting businesses in the food & beverage, salon & spa, retail, fitness, and professional services.

For more information about Authentic, visit: https://www.authenticinsurance.com

or contact Will Mandelbaum, Chief of Staff at: [email protected]

About Authentic

Authentic enables SaaS platforms, associations, and other communities to create their own captive insurance programs. Captives bring financial and coverage benefits that large enterprises have leveraged for the past ~50 years. Authentic’s tech-enabled platform compresses the complexity of captive insurance and delivers benefits to small business groups.

Contacts
Will Mandelbaum, Chief of Staff
[email protected]

Gabby Champion
208-779-0239
[email protected]

SOURCE Authentic