Private jet marketplace JetSmarter has raised US$105m in its Series C equity financing round at a US$1.5bn pre-money valuation from new and existing investors. The money will be used to boost expansion in Asia and Latin America, increasing the numbers of flights and routes available to JetSmarter members in the USA, according to a statement.
Headquartered in Fort Lauderdale, Florida, JetSmarter was founded in 2012 by entrepreneur Sergey Petrossov, making him one of Forbes magazine’s 30 under 30 business leaders earlier this year. The company uses a smartphone app to connect travelers and air carriers with chartered flights. Depending on the flight and the number of passengers, prices can be comparable or less than conventional commercial air travel.
Currently, JetSmarter offers 50 routes, but hopes to increase this by another 80 within the next year. The focus so far has been USA, Europe and the Middle East, with the existing investors mainly from these areas – the Saudi Royal Family and American musician Jay-Z among them. Initiatives include a membership scheme for frequent flyers, and the JetShuttle scheme where users can book seats on an already-scheduled flight.
Petrossov said, “JetSmarter continues to revolutionize the private jet space, and this financing will enable us to continue domestic and international growth and expand our member community. It will allow us to gain access to more inventory and carrier partners around the world, in addition to launching new JetShuttle routes in key cities that are crucial for our members. We remain dedicated to making travel fun again.”