Private jet startup JetSmarter, said Monday it had raised $105 million in financing. The investors include the Saudi Royal Family and rapper and businessman Jay Z.
JetSmarter raised the fresh funding at a $1.5 billion valuation, making it one of the highest-valued startups in the sector of all-you-can-fly services. An emerging cohort of startups that offer scheduled trips on private airplanes for those who can afford the membership fee.
The service costs $15,000 in membership fees for the first year and $11,000 after that, according to the company website.
However, Some companies have faced turbulent skies. Beacon, an all-you-can-fly startup, and private jet service BlackJet both shut down earlier this year.
Besides Las Vegas, JetSmarter flights serve cities across the United States, Europe and the Middle East, including New York, Chicago, Atlanta, London, Paris, Moscow, Dubai and Milan.
Source: Review Journal (12 Dec.)
