JetSmarter Backed By the Saudi Royal Family and Jay-z Raised $105 Million in Series C

jetsmarterJetSmarter, the Uber for flights just raised $105 million in a Series C funding. After the round of funding the company is now valued at $1.5 Billion, the startup is ready to build a concrete foundation for a marketplace for private jet services, said Sergey Petrossov, CEO JetSmarter.

The money raised will be used for global expansion of JetSmarter, especially in Asia and Latin America, added Petrossov and will focus on increasing the number of flight routes and flights for their users in the United States.

JetSmarter app allows passengers to book a seat on a private jet through their service called JetShuttle, or one could charter an entire plane depending on their requirements.

JetSmarter was originally backed by the Saudi royal family and pop singer Jay-Z, they also increased their shares of investment in the startup’s latest round.

The new investors in JetSmarter include Abu Dhabi equity fund, Jet Edge, KZ capital, a Qatar based equity fund and other strategic bankers.

jetsmarter1JetSmarter is active in 50 different cities across the work, now they aim to increase the number to 80-100 by the end of 2017. The company also wants to include flights connecting Florida, Boston, New York, Bostson and Seattle to San Francisco.

Petrossov told TechCrunch that, “We scale from the community. We use predictive maps and algorithms to find where the demand is, so that we will never over supply the market, and can just meet the amount of demand we have. Other companies would over supply and fly where they’d have 20% loads. We have zero deadhead weight on our shuttles and a 90% load factor.”

The company is working towards a future where “on-demand” access to seats on select number of private flights for non-members will be an option. They would pay per mile for shorter trips, $1 per mile for travelling from New York to Boston.