World Economy

Saudi Royal Invests in Private Jets, Smartphone App

Saudi Royal Invests in Private Jets, Smartphone AppSaudi Royal Invests in Private Jets, Smartphone App

A Saudi investor has backed JetSmarter, the mobile marketplace that connects wealthy travelers to private jets from their smartphones.

The tech firm said in a statement that it has raised $20 million from a group of investors including a member of the Saudi royal family, world-renowned music and entertainment moguls, and a London-based private equity fund, Arabian Business reported.

This funding will be used to support the company’s expansion plans, technology upgrades and the ultimate goal of empowering more people to fly private, the company said.

JetSmarter said it expects to launch new private jet sharing services, open customer support offices in Europe, Middle East, South America and Asia as well as expand its private jet services around the globe.

“Since JetSmarter’s launch, we’ve established significant and strategic alliances worldwide, enabling thousands of private jet charter transactions and also providing accessibility and convenience of flying private to more than just the 1%,” said founder and CEO Sergey Petrossov.

One of the key investors, Prince Abdullah bin Bandar bin Abdullaziz Al Saud, said: “We are thrilled to be an investor and are committed to JetSmarter’s growth. At the forefront of this new era in travel, we believe that JetSmarter’s proprietary services and offerings have, and will continue to revolutionize the industry.”

Over the last year, the company said it has seen over 1,000% revenue growth, has partnered with established institutions such as Deutsche Bank, and has gained access to over 3,000 aircraft globally to provide more flight options for its users.