Saudi royal family invests in JetSmarter app for private jet travel
The 'Uber for private jets' raises $20m in round of Series B funding
Members of the Saudi royal family are among the investors that recently participated in a Series B funds raise for JetSmarter, an app that connects travellers to private jets through their smartphones.
Dubbed the "Uber for private jets", the start-up raised $20m in its latest round of funding last month. Other investors included music and entertainment moguls, a London-based private equity fund, and a group of C-level executives from companies such as Goldman Sachs and Twitter, the company said in a statement.
JetSmarter, available for iOS and Android, describes itself as a mobile marketplace that offers instant pricing and availability for private jets worldwide. The company says that the application democratises the private jet industry by decreasing the entry price for consumers, and helping air carriers gain more exposure within the market.
"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%," said founder and CEO of JetSmarter, Sergey Petrossov.
"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."
JetSmarter said that this latest round of funding will be used to support the company's expansion plans and technology upgrades, which will help it towards its ultimate goal of empowering more people to fly private.
JetSmarter expects to grow its supply of JetDeals - deals on private jets - 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, and open customer support offices in Europe, Middle East, South America and Asia.
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 revolutionise the industry."