Saudi royal-backed “Uber jet” raises $20m investments
A startup billed as “Uber for private jets” has reportedly raised $20m in investments from members of the Saudi Royal Family, world-renowned music and entertainment moguls, London-based private equity fund, group of High Net Worth Individuals and Family Offices including top C-level executives from companies such as Goldman Sachs and Twitter.
JetSmarter connects travellers to private jets via smartphone, will use the funding for expansion plans, technology upgrades and the overall promotion of private flights.
JetSmarter expects to grow its supply of JetDeals, increase the number of its scheduled seat service JetShuttle, distribute new technologies to air carriers to better streamline the booking process, launch new private jet sharing services, open customer support offices in Europe, Middle East, South America and Asia as well as expand its private jet services around the globe.
One of the key investors, His Royal Highness Prince Abdullah bin Bandar bin Abdullaziz Al Saud said, “We are thrilled to be an investor and are committed to JetSmarter’s growth. At the forefront of this new era in travel, we believe that JetSmarter’s proprietary services and offerings have, and will continue to revolutionize the industry.”
Founder and CEO of JetSmarter, Sergey Petrossov, added: “Since JetSmarter’s launch, we’ve established significant and strategic alliances worldwide, enabling thousands of private jet charter transactions and also providing accessibility and convenience of Flying Private to more than just the 1%. Today, with hundreds of thousands of users, and the support of leading investors, JetSmarter is truly the innovator in private aviation, creating a new and simplified way to travel.”
Over the last year, the company has experienced over 1000% revenue growth, has partnered with established institutions such as Deutsche Bank, and has gained access to over 3,000 aircraft globally to provide more flight options for its users.