Saudi Royal Fam­ily In­vests in Jets­marter, the “Uber for Pri­vate Jets

Arabnet - The Quarterly - - Industry Stories -

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.

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