Jay Z-funded 'Uber for planes' gets $146M boost
A private jet booking service that's drawn comparisons with Uber has just received a US$105 million (NZ$145.7 million) cash injection in a push to send it to new heights.
US hip-hop mogul Jay-Z is heavily involved in the project, alongside founder Sergey Petrossov and several members of the Saudi royal family.
JetSmarter provides a service that allows you to order a private plane via an app in the same way you might order a taxi - and members have the option of booking a single seat or fully charter a plane.
To become a core member requires a US$15,000 (NZ$20,800) fee, which allows them a selection of free flights and the ability to take non-members with them on their journeys for a comparatively reasonable price.
The company has actually been in existence for several years, but the latest financial boost it's received has pushed it into 'Series C' funding, which means it can now significantly increase the number of routes available in the US.
The company has a value of more than $2 billion, and Mr Petrossov says he has plans to expand the service to up to 100 new markets by the end of next year.
He also said the company plans to venture into 'on-demand' access to private planes for non-members.