Jay Z Reportedly Investing Big Money In This New Startup Company

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Rich people have problems too, like finding the time to charter a private jet when there’s money to be made.  That might be why music mogul Jay Z is reportedly investing in a new app called JetSmarter, which lets members book private jets on demand—it’s kind of like Uber, but for private jets. JetSmarter works by partnering with independent plane carriers who share their locations and schedules, allowing users to book luxury air travel as last-minute as six hours before takeoff.

After closing an incredibly successful round of funding, the app has already raised a whopping $20 million, mostly with the help of high-profile investors comprised of “world-renowned music and entertainment moguls,” according to a press release. Jay Z is rumored to be one of them, along with members of the Saudi royal family.

According to the company’s founder, Sergey Petrossov, it didn’t take much work to get his A-list investors on board with the startup, because they were already fans of the idea and were willing to open up their pockets. “All our members and users have been begging us to get involved with the company,” said Petrossov. “We’re the only tech company that didn’t have to go out and look for [capital].”

JetSmarter offers three tiers of products: one that allows you to book private one-way flights on demand (JetDeals), another that lets you book a seat on a flight that’s been previously scheduled (JetShuttle), and the third that offers private packages that can be customized by route and vehicle (JetCharter). Spending out about $800.00 a month for an annual membership will give you unlimited access to JetSmarter’s private flights that go almost anywhere in the world.

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Jay Z actually has also backed a similar company in the past. The company was called BlackJet and it was offering a similar Uber-style service for private flights. The company also reportedly received backing from other celebrities, including Will Smith and Ashton Kutcher, but grounded their operation in December 2013, due to a lack of sufficient capital.

Sources:
Taylor, J., “Jay Z, Saudi Princes Invest Big Money in Private Jet App,” New York Observer web site, July 23, 2015; http://goo.gl/Z0xxzf.
Kirsner, S., “‘Uber for private jets’ is grounded, but CEO says he hopes to raise more money and fly again,” Boston.com, December 29, 2013; http://goo.gl/rhFtD6.

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