Bringing forward a respectable marketplace for private jet aviation services, a $105 million Series C funding has been raised by JetSmarter. Sergey Petrossov, CEO of JetSmarter is now looking forward to roll in IPO services for the company in the year 2019. The purpose of raising the Series C funding was to reach out, and swell into global operations, besides multiplying the number of existing flights and routes to the customers in the United States. The application will receive a major boost with the IPO in the year 2019.
Known as the ‘Uber of the skies’, the company is planning to use the investment for the expansion of their services in Latin America and Asia by providing ease of use when it comes to private jet bookings. Since its inception in 2012, JetSmarter has taken long strides in this sector. To help their customers an easy admittance into the private jet marketplace, the company operates through an app that helps their customers save time.
Members can easily book seats with their smartphones, using the JetShuttle service. Also, they can book the entire plan if they want to. JetSmarter has a luxury membership program where customers can pay $15,000 for the first year, which is subsequently reduced to $13,000 for the second year. This lets them enjoy free flights anytime and anywhere.
The private jet carrier service received a boost when Abu Dhabi-based equity fund, JetEdge and KZ Capital in London, a Qatar-based equity fund decided to invest in JetSmarter. Also, the patrons, Shawn “Jay-Z” Carter and members of Saudi royal family raised their investments in the company. The company is operating in 50 markets around the world and plans to expand into 80 – 100 markets with the IPO in 2019.
The company’s customers are enjoying the services in various cities including New York, Chicago, Las Vegas, London, Paris, Moscow, Dubai, etc. However, CEO Petrossov has a vision to connect even more number of flyers by creating a bigger digital marketplace across nations, which will ease private jet bookings. This mission has enabled the startup to garner higher progress and authority, as compared to its competitors.
Sergey Petrossov’s analysis behind the success of JetSmarter is the use of predictive algorithms and maps. He says looking for the right demand is key rather than over supplying the market. According to him, a lot of private jet services fail to see where the demand is and over supply the market. This is where they are losing the focus.
Also, an interesting thing to note is that JetSmarter does not own any planes. They work with different owners, carriers, vendors, etc. This lets them deal with safety and compliance issues flawlessly.
The business is actually software-driven and not dependent on assets. The company and its CEO Petrossov are hopeful about creating an impact on the market through efficient use of technology to make flying a fun experience.