Launched in March 2013, the Fort Lauderdale, Fla., startup counts rapper Jay-Z and the Saudi royal family as early investors. JetSmarter, valued at $1.6 billion in the latest funding round, is also uniquely positioned as the only private jet venture where bookings are solely done through its mobile app technology. The company operates on a business model similar to that of Uber Technologies in that it connects flight operators and clients without owning any aircraft.
According to MSN, membership fees for JetSmarter, however, are not exactly cheap. A $15,000 initiation fee for the first year is required on top of an $11,500 annual membership fee every year thereafter. Members also need to fly with the company about 12 to 15 times a year on average.
Similarly to Uber, customers book flights on JetSmarter via a smartphone app. Customers can either book a seat on a shared private jet on a scheduled flight route using the "JetShuttle" service, or use "JetCharter" to create their own charter flights where they can book the entire plane for themselves. International Business Times says that JetSmarter doesn't own its own vehicles - instead, the app books flights directly from more than 800 air carriers worldwide who work with the company, providing app users with some 3,200 aircraft and around 4,000 free flights each month.
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