JetSmarter, a company that offers an Uber-like service for private jets, has raised a $105 million Series C at a $1.6 billion valuation, representing an 8.2x valuation step-up from its previous financing. Proceeds from the new round, which includes participation from existing investor Jay Z, will be used to fuel expansion in Asia and Latin America and to increase the number of flights available to its US members.
The company charges members a base $15,000 rate to use its service, which is currently available in 50 markets—a figure that could double during 2017. JetSmarter has secured about $131 million in funding since its 2012 founding, including a $20 million round in July 2015 at a $163 million valuation.
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This isn’t Jay Z’s first foray into private jets. The mogul previously invested in BlackJet, a startup that offered a service similar to JetSmarter’s before it shut down in May. Another company that unsuccessfully tested the industry is Beacon, which raised $7.5 million in funding from firms including Romulus Capital and MI Ventures before closing up shop in April.
Article by PitchBook