Saudi Royal Family Invests in Jetsmarter, the “Uber for Private Jets
Jetsmarter, a mobile marketplace for travelers to book private jet flights, has raised $20 million from a group of influential investors including members of the Saudi Royal Family, a London-based private equity fund, and a group of high-net-worth Individuals and family offices, including top C-level executives from companies such as Goldman Sachs and Twitter. The company will use the investment to support expansion plans and technology upgrades. The “appification” of the service has streamlined it and made it more accessible, allowing users to book their flight themselves easily and rapidly. Members also benefit from free daily flights (up to 4,000 free flights each month), wholesale charter pricing, access to exclusive events, and concierge service. Since its launch in 2013, Jetsmarter has seen 15%-20% growth each month. The app has been downloaded +300,000 times to date. In 2014, the company’s revenues grew by over 1,000%. It is currently partnered with Deutsche Bank and 800 air carriers, with a capacity of around 3,200 jets. The company had first raised $1 million in a seed round in 2012, followed by $5.2 million in a Series A round from the Saudi Royal Family and international investors.