Surf Air Acquires Texas Rival Rise

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Photo courtesy of Surf Air

Santa Monica’s Surf Air has acquired rival subscription-based airline Rise of Dallas, according to a statement posted to the local firm’s website.

The value of the acquisition was not disclosed.

About 1,000 subscribers from Rise are set to join Surf Air as part of the deal, which would bring the local firm’s total customer base to more than 4,000 subscribers.

Rise operates a network of routes to and from Texas cities such as Dallas, Austin, and Houston. The company charges $1,950 a month to its subscribers – the same as Surf Air – for unlimited flights within its network.

Surf Air sold off an undisclosed amount of equity to venture capital firms and private investors to finance the transaction. Those buyers include Institutional Venture Partners, Anthem Venture Partners, Velos Partners, Plus Capital, Eduardo Savarin, and Rick Caruso, according to the company’s website.