JetSmarter

JetSmarter Inc.
Private
Industry Transportation, Aviation
Founded November 2012
Founder Sergey Petrossov
Headquarters Fort Lauderdale, Florida, United States
Area served
 Worldwide
Key people
  • Sergey Petrossov (CEO)
Services Mobile application, flight sharing, aircraft for hire
Website jetsmarter.com

JetSmarter is a members-only mobile marketplace for shared and private charter flights. The company is headquartered in Fort Lauderdale, Florida.[1] Using proprietary mobile algorithms, the JetSmarter app connects members to more than 3,000 aircraft and more than 45 posted routes across three continents – the United States, Europe, and the Middle East.[2][3]

History

JetSmarter was founded in 2012 by entrepreneur Sergey Petrossov,[4][5] whose idea made him one of Forbes' "30 Under 30" business leaders of 2016.[6][7] In August 2012, the beta version was launched and tested among a closed group of private aviation users. After testing proved successful, Petrossov sought and received substantial venture funding to expand JetSmarter's scope.[8] In March 2013, the JetSmarter app was launched and made available to the general public on both iOS and Android devices.[9]

In June 2015, JetSmarter announced its new European Headquarters in Zurich, Switzerland. In early 2016, it launched flights within Europe.[10][11] JetSmarter has offices in Zurich, London, Moscow, Dubai, Riyadh, and Fort Lauderdale.[12]

Funding

According to Business Insider and TechCrunch JetSmarter has raised $20 million from the Saudi Royal Family, American rapper Jay-Z, American serial entrepreneur and investor Wayne Chang,[13] and investment bank Goldman Sachs Capital Partners.[14][15] In total, Jetsmarter raised $56 million since its inception.[12]

In December, 2016, JetSmarter announced it had raised an additional $105 million at a $1.6 billion valuation. The company said this will fuel international expansion and add at least 80 more routes to its existing 50 routes.[16][17][18]

In August 2017, JetSmarter said it raised an undisclosed amount of institutional capital from Clearlake Capital Group, LP, Leucadia National Corporation and existing investors. It said it would use the money to expand services, including shuttle routes and flights. [19]

Services

JetSmarter flight services include a mix of private and shared flight services:

PRIVATECHARTERS are much like a traditional charter booking.[20]

SHAREDCHARTERS let members book on-demand charter flights, specify how many seats they need, and then earn flight credit by allowing JetSmarter to sell empty seats to other members.[21]

CUSTOMSHUTTLES are custom shared flights that members create along existing posted routes.[22]

JETSHUTTLES are posted routes that members can fly on together all over the world.[23]

JETDEALS are a blend of complimentary empty-leg or repositioning flights, empty seats on shared charter flights, and opportunities to pool with other members to create on-demand flights.[24] The JetSmarter app allows passengers to search for and set up alerts for empty leg flights leaving their chosen cities.[25]

JetSmarter has 3,000 private jets and 2,000 free empty legs per month.[26] In January 2016, Chicago Tribune reported JetSmarter has launched app-based private charter service in Chicago, using Midway International Airport as its access point.[27] Adding to its services, the company offers helicopter rides from heliports in New York City, via BLADE, to the airport in White Plains, NY.[28]

The App

The JetSmarter application connects passengers and private air carriers. Upon selecting the flight, users are able to view a photo of the plane they chose as well as its safety and flight records. Depending on the flight and the number of passengers, chartering a private plane can be comparable in price or less expensive than conventional commercial air travel.[29][30][31][32][33]

Partnership

JetSmarter partners with various air carriers that span the range of the private charter industry.[34][35]

Corporate Affairs

In February 2017, Gennady Barsky, a former executive, was arrested on embezzlement charges. The arrest was unrelated to JetSmarter, but about a previous company he was affiliated with.[36] Barsky also served as CFO of JetSmarter before becoming President. He has since resigned from the company.[37] The company was named as the subject of a Class Action lawsuit from a former employee for unpaid overtime filed on June 20.[38]

In 2017, The Verge reported that management of JetSmarter offered free flights to its reporters if an article was posted within five days of the flight.[39] According to the allegations, if the story did not appear within that timeline, the reporter's credit card would be charged $2,000.[40]

References

  1. ↑ "Jetsmarter: The Uber of Air Travel". The Wall Street Journal. Retrieved 26 January 2016.
  2. ↑ "Steep Fees and First-Class Prices, but Private Jets Are Available to More". The New York Times. 16 February 2015. Retrieved 26 January 2016.
  3. ↑ Camila Souza. "JetSmarter Is Uber for Affordable Private Jets". Tech Cocktail. Retrieved 20 January 2015.
  4. ↑ Thomas, Aby Sam (1 Mar 2015). "Sergey Petrossov's Sky-High Ambitions". Entrepreneur Media, Inc. Entrepreneur.
  5. ↑ Mikhail Starodubov. "Fancy a quick getaway? Just hail a private jet". News24. Retrieved 20 January 2015.
  6. ↑ Bertoni, Steven (24 Jan 2016). "Forbes 30 under 30 2016". Forbes.
  7. ↑ Hussain, Jawad (9 Nov 2015). "Interview: How Sergey Petrossov revolutionized private jet business". Arabian Gazette.
  8. ↑ Rachel Hennessey. "The JetSmarter App Puts Air Travel at Your Fingertips". Forbes. Retrieved 20 January 2015.
  9. ↑ "JetSmarter app will hail a private jet from anywhere in the world". Daily Mail. Retrieved 26 January 2016.
  10. ↑ Davidson, Lauren (22 Mar 2016). "'Uber for private jets' launches on-demand service between London and Europe". Telegraph Media Group Limited. Daily Teleraph.
  11. ↑ Jan Kamps, Haje (23 Mar 2016). "JetSmarter puts a jet in your pocket, and is happy to see you". AOL Inc. Techcrunch.
  12. 1 2 Kamps, Haje Jan (23 Mar 2016). "JetSmarter puts a jet in your pocket, and is happy to see you". AOL. TechCrunch.
  13. ↑ "Meet the private-jet startup backed by Jay Z and the Saudi royal family". Business Insider. Retrieved 26 August 2016.
  14. ↑ "An 'Uber for private jets' startup just raised $20 million from Jay Z and the Saudi Royal Family". Business Insider. Retrieved 26 January 2016.
  15. ↑ "With $20M In The Bank, JetSmarter Is Building The Uber Of The Skies". TechCrunch. Retrieved 26 January 2016.
  16. ↑ Bensinger, Greg (2016-12-12). "Private-Jet Booking App Lands $105 Million in Funding". Wall Street Journal. ISSN 0099-9660. Retrieved 2016-12-18.
  17. ↑ "JetSmarter Raises $105 Million for Uber-Like Services in the Sky". Bloomberg.com. 2016-12-12. Retrieved 2016-12-18.
  18. ↑ "Jay Z-backed private jet firm JetSmarter raises $105 million at $1.5 billion valuation". VentureBeat. Retrieved 2016-12-18.
  19. ↑ https://privatejetcardcomparisons.com/2017/08/10/jet-membership-seller-jetsmarter-raises-an-undisclosed-amount-of-institutional-capital/#more-6017
  20. ↑ "JetShuttle of JetSmarter". JetSmarter. Retrieved 26 January 2016.
  21. ↑ "JetShuttle of JetSmarter". JetSmarter. Retrieved 26 January 2016.
  22. ↑ "JetSmarter launches UberPool-like program for private jets". Road Warrior Voices : USA Today Travels. Retrieved 26 January 2016.
  23. ↑ "JetSmarter launches UberPool-like program for private jets". Road Warrior Voices : USA Today Travels. Retrieved 26 January 2016.
  24. ↑ "Empty Leg Flights Make Private Jet Travel More Affordable". LuxuryEscapes.com. Retrieved 26 January 2015.
  25. ↑ "Need a Private Jet in a Pinch? Try This App". Bloomberg. Retrieved 20 January 2015.
  26. ↑ "Empty Leg Flights Make Private Jet Travel More Affordable". LuxuryEscapes.com. Retrieved 26 January 2015.
  27. ↑ "JetSmarter brings app-based private charter service in Chicago". Chicago Tribune. Retrieved 26 January 2016.
  28. ↑ Kaplan, Michael (6 Mar 2016). "Semi-private planes are the new first class". New York Post.
  29. ↑ Jwnny Coad. "The private jet to Paris that's cheaper than Eurostar and flying BA (you even get breakfast, coffee and champagne)". Mail Online. Retrieved 20 January 2015.
  30. ↑ Jen Leo. "Feel like leasing a private plane? Download the JetSmarter app first". Los Angeles Times. Retrieved 20 January 2015.
  31. ↑ Siam Goorwich. "JetSmarter – Uber for people with more money than you". Metro. Retrieved 20 January 2015.
  32. ↑ Katie Johnson. "JetSmarter app lets you book private jets all around the world". WPTV-TV. Retrieved 20 January 2015.
  33. ↑ "Fancy a quick getaway? JetSmarter app will hail a private jet". Canoe.ca. Retrieved 20 January 2015.
  34. ↑ Vicky Karantzavelou. "JetSmarter partners with GlobeAir enabling international expansion". TravelDailyNews. Retrieved 20 January 2015.
  35. ↑ Marcia Heroux. "Charter a flight with the tap of an app". Sun-Sentinel. Retrieved 20 January 2015.
  36. ↑ http://www.sun-sentinel.com/business/fl-bz-jetsmarter-president-arrested-20170224-story.html
  37. ↑ http://www.bizjournals.com/southflorida/news/2017/02/24/jet-sharing-startup-president-arrested-on.html
  38. ↑ https://privatejetcardcomparisons.com/2017/06/22/jetsmarter-named-in-class-action-lawsuit-as-its-ceo-sergey-petrossov-claims-profitability/#more-4667
  39. ↑ Sottek, T.C. (March 3, 2017). "JetSmarter Tries to Extort Journalists for Positive Coverage". The Verge. Retrieved March 20, 2017.
  40. ↑ "This Startup Made Journalists Agree To Write Positive Reviews Or Pay Them $2,000". Jalopnik. Retrieved 5 March 2017.
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