In a bid to build a decent marketplace for private jet services, JetSmarter has raised $105 million in Series C funding. The CEO of the company, Sergery Petrossov is now looking forward to roll in IPO for JetSmarter in 2019. The series C funding was raised to expand the global operations of the company and to increase the number of routes and flights available to JetSmarter members in the US. The proposal will receive major boost with IPO in 2019.
The private flight service provider is primarily looking to use the money for the expansion of services inAsia and Latin America by easing private jet bookings. Founded in 2012, the company has taken long strides in this industry. In order to provide an easy access to the private jet market place, the company has also launched a smartphone app to save the precious time of their customers.
The travelers can use the app to book a seat on a private jet with JetShuttle service. Alternatively,they can book an entire plane if they want to. JetSmarter also provides the luxury of membership program by paying$15,000 for the first year, which is reduced to $13,000 for the 2nd year of the membership. JetSmarter members can enjoy free flights anytime and anywhere.
The company received a short in the arm when Abu Dhabi-based equity fund, JetEdge and KZ Capital in London, a Qatar-based equity fund decided to invest in the company. Apart from this, the backers of JetSmarter, Shawn “Jay-Z” Carter and members of Saudi royal family increased their investments in the company. Sergey Petrossov is keen to expand the operation of the company to 80-100 famous markets of the world through IPO in 2019. The company is already operating in 50 markets around the world.
A number of travelers are enjoying the un-matched services of the company in business and travel hubs like New York, Chicago, Las Vegas, London, Paris, Moscow, Dubai, etc. However, Petrossov wants to connect the travelers with flights by creating a larger digital marketplace across nations to ease private jet bookings. These innovations have helped the startup progress and stamp authority, while other competitors have not been able to grow.
The CEO of the company, Sergey Petrossov believes that the reason behind the success is proper use of predictive algorithms and maps. He says that it is important to find where the demand is, rather than over supplying the market. According to him, most of the private jet service providers are over supplying, and that’s where they are losing the plot. It is interesting to know that the JetSmarter doesn’t own planes. They work with operators, owners and carriers. The company hires pilots and deals with safety and compliance issues in a flawless manner.
More than assets, the business is actually software-driven. The startup as well its CEO would be hopeful of making a massive impact through better use of technology to make flying fun and tad bit cumbersome.