JetSmarter, a company backed by Jay-Z amongst others, that lets you book idle jets and unused seats via an app has hit the big time with a valuation of $1.5 billion after the third round of funding!
In this round they raised $105 million and the $1.5 billion pre-money valuation.
Members pay a membership fee for the service that is kind of like car sharing for private jest!
Other investers bedises Shawn “Jay Z” Carter included “Abu Dhabi-based growth equity fund; strategic partner JetEdge, the leading large cabin private jet operator; KZ Capital, a London-based venture capital firm; and a Qatar-based private equity fund, among other strategic private investors. Existing investors who also participated include members of the Saudi royal family” according to Venture Beat (http://bit.ly/2hhRrRm).
The company currently has over 250 employees and there are currently no direct competitors. SurfAir may be the closest at present.
Another service offered by the company includes JetShuttle which offers seats on private jets with pre-booked routes, JetDeals gives one-way deals to cities on a daily basis.
Venture Beat also reported “Over the past 12 months, JetSmarter has significantly expanded its private jet services, with a main focus on increasing its shared, scheduled JetShuttle fights across the United States, Europe, and the Middle East, in New York, Chicago, Fort Lauderdale, Las Vegas, Atlanta, London, Paris, Moscow, Dubai, Milan, and more. This new financing will help JetSmarter grow its JetShuttle network significantly into new cities around the world, including planned expansions into Asia and Latin America.”
Jay-Z seems to be a smart investor!
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