$105 million was raised by Jay-Z for JetSmarter company

For the past few years, companies like Uber have transformed the way people travel by land. Now, a Fort Lauderdale, Fla.-headquartered startup JetSmarter Inc. aims to transform the way people travel by air by making it easy to book private jetlast minute through a mobile app.

 JetSmarter, backed by rapper Jay-Z and the royal family of Saudi Arabia, has raised $105 million in Series C funding, TechCrunch reported. The Wall Street Journal estimates that the company has raised at least $157 million over several funding rounds. The company says the latest round raises its valuation to $1.6 billion.

JetSmarter works via an app where users can fly for free on private jets, but only after paying $15,000 for a “core membership.” Users can then spend more to bring along non-members or charter completely private jets. The company eventually plans to expand to become less exclusive, but for now they’re focused on expanding to more cities (80 to 100 by the end of 2017)

Sean “Jay Z” Carter was an early investor in the company, but reportedly increased his investment during the most recent round of investing. He’s joined by investment firms, equity funds, and a Saudi Royal Family. It also isn’t the first private jet company Jay Z has invested it, although it is by far the most successful. Beacon and BlackJet were two other private aviation startups backed by Jigga which eventually failed.

charter-jet

 

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