JetSmarter

About JetSmarter

JetSmarter emerged in 2012 as a technology-driven player in the private aviation sector, founded by entrepreneur Sergey Petrossov. Born in Moscow and having moved to the U.S. as a child, Petrossov developed his entrepreneurial interests early, co-founding two IT startups while studying finance at the University of Florida. His idea for JetSmarter was born from a personal frustration with the antiquated, manual process of booking private jets, which involved extensive paperwork and phone calls. He envisioned a mobile-first platform that would digitize and streamline access to private air travel, much like Uber did for ground transportation.

The company operated as a members-only club, providing access to private jet travel through a mobile application. Its business model did not involve owning aircraft; instead, it acted as a digital marketplace connecting members with available seats and planes from over 1,000 charter companies. Revenue was generated through annual membership fees, which started at around $15,000, and commissions on flights booked through the platform. JetSmarter offered several services, including the ability to charter an entire jet, book a seat on scheduled "JetShuttle" flights between major cities, or find seats on crowdsourced flights and empty-leg repositioning flights. This model aimed to increase the utilization of underused private aircraft and make private flying more accessible by allowing costs to be shared among passengers.

JetSmarter launched its app in March 2013 after a successful beta testing phase and grew rapidly, attracting high-profile investors like Jay-Z and members of the Saudi Royal Family. By December 2016, the company had raised $105 million in a Series C funding round, achieving a valuation of $1.6 billion and earning the status of a business aviation 'unicorn'. However, the company later faced significant challenges, including financial difficulties and numerous lawsuits from members over changes to its 'all-you-can-fly' membership terms. In April 2019, JetSmarter was acquired by Dubai-based Vista Global Holding. Following the acquisition, JetSmarter's technology was integrated with Vista Global's subsidiary, XOJET, and the combined entity was rebranded as XO.