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Jay Z Is Looking into Investing in the Airline Industry

Reported by Liku Zelleke

Rapper and media mogul Jay Z is at it again. Always on the lookout for a new venture, he has reportedly set his eyes on a new app that helps people book private flights in a matter of minutes. The startup product, JetSmarter, was founded by Sergey Petrossov. He started the company because of frustration with the process of chartering a private jet.

With an investment portfolio that includes alcoholic beverages, sports teams, and Tidal; a music streaming service, Jay-Z knows when an idea is bound to make him a lot of money.

His current investment will enable users to book a private flight in just a few minutes.

JetSmarter offers three services: JetDeals, JetShuttle, and JetCharter. JetDeals allows a user to book a one-way private flight on demand. JetShuttle, allows a user to book a seat on a private flight that has already been scheduled. JetCharter, allows users to look for a customized travel package by route or type of aircraft.

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Joining the JetSmarter service costs $9,000 and affords members full access to private flights. It will also let them fly anywhere in the world except war zones and destinations that are considered too unsafe for air travel.

The JetDeals and JetShuttle services come free with the app but booking the flights can cost thousands of dollars.

JetSmarter – which some have compared to Uber – is available on both iOS and Android operating systems.

“From accessibility standpoint, you could compare it to any real-time, on-demand service… There’s definitely a relevance to Uber in terms of how disruptive the technology is,” Petrossov said.

So far, JetSmarter has closed a “$20 million Series B” investment round with Jay Z, the Saudi Royal Family, Goldman Sachs, and Twitter finding a place on board. Other “high net worth individuals,” are also rumored to be joining the newly formed investment group.

Source: From The Web

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Written by PH

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