Jay-Z and Al Saud have landed $105 Million for JetSmarter expansion, an Uber-like service for private jets.
As the world is Uberizing, it was just a matter of time before you could book a chartered private jet via a phone app. JetSmarter, is a 4-year-old startup based in Fort Lauderdale, Florida, that’s trying to change the way people book last-minute private jets.
Together with the US rapper Jay-Z and the royal family of the Kingdom of Saudi Arabia, the company has been able to raise $105 million in Series C funding, according to TechCrunch. However, the Wall Street Journal estimates that the company has raised over $157 million over several funding attempts, putting the company at an self-valuation of $1.6 billion.
Through its Uber-like app, JetShuttle, JetStarter helps you users find and book empty seats on privately chartered planes.
It is free to download the app, but to start using it you will need to put forth a $15,000 initiation fee for the first year and a $11,500 membership fee every year thereafter.
Members are also asked to fly through the company’s services between 12 and 15 times per year on average. Surprisingly, they have over 6,700 regular members who frequently use their services.
JetSmarter currently operates through over 50 routes between more than 30 cities globally, and are planning to use their new money to expand into China, India and South America.