sergey petrossov net worth

sergey petrossov net worth

Since JetSmarters launch in 2013, the company has focused on making the booking process as easy as possible JetSmarter is often compared with Uber for how easy it is to book and democratizing private aviation by making it more affordable and accessible. Membership swelled to about 10,000. One day in 2009, he and some of his friends were given the opportunity to fly on a private plane, but the only way to book that flight was by calling the company directly and talking to a dispatcher, who then sent them a physical invoice to sign and fax back to the company. CNBC spoke to Joann Bachewicz from Lansing, Illinois. The company also said it was providing integration via SAP Concur to attract more corporate travel business. A seasoned jet setter, Petrossov said he defines luxury travel as flying around the world on your personal VIP configured Boeing BBJ or Airbus ACJ. His best travel tip? JetSmarter was founded in 2012 by entrepreneur Sergey Petrossov,[5][6] whose idea made him one of Forbes' "30 Under 30" business leaders of 2016. He realized that if he were to take the industry digital, not only could he revitalize it and make the process easier for everyone involved, but he could significantly cut the cost of private air travel. The salespeople offered special deals, incentives, and other tactics in what can only be called a "money grab.". Sergei Andreyevich Petrov ( Russian: ; born 2 January 1991) is a Russian football player. Sergey wants to change the aviation business by making private flights accessible to the masses. Connect with Sergey Petrossov: Twitter | Facebook | LinkedIn | Instagram | YouTube, A weekly download of the latest product launches, technology news, innovations in medicine, and more, about 70 percent of all private jets were empty. Petrossov formed relationships in aviation by going to trade shows. Primary Menu Sections. What was your background prior to JetSmarter? [12], On February 16, 2017, the President of Jetsmarter, Edward Gennady Barsky, resigned after he was arrested at the Broward Financial Center, site of the company's headquarters. Be the first to know about the latest in luxury lifestyle news and travel. The company faces unknown costs from the lawsuits and refunds, the class action lawsuit, and the outcome of the investigations by the FAA and FBI. And, if they want, they can book a fully private flight, which comes with a higher cost. Our partners can use the same app as our customers to manage their inventory in real-time from any mobile device, and fill their flights instantly. Vista said it would maintain JetSmarter's office in Ft. Lauderdale where its digital team was based. His wife Lolita ran the day to day business as its CEO. National team caps and goals, correct as of 19 November 2019. The main difference between JetSmarter and its close competitors is that JetSmarter gives members the flexibility to create flights on their time or find seats on flights created by fellow members all with the year-round reliability, efficiency, and service that are synonymous with flying private. In August 2012, I made it a reality and created the beta version of JetSmarter, sharing it with an exclusive group of industry experts and frequent private jet users. Get an inside vue on the latest in luxury. JetSmarter still has to deal with inquiries from the FAA. I knew then that I wanted to start companies and tech was the field I wanted to be involved in. Experienced Entrepreneur. Bachelor of Arts/Science, University of Florida, Russias top diplomat said Carlsons departure from Fox means the wealth of views in the American information space has suffered.. Learn more in our Cookie Policy. I was born in Moscow, I moved to the U.S. when I was four, and Ive lived between California and Colorado and South Florida. I knew I wanted to go in technology, Petrossov says. In high school, he attempted to start an import-export business for automobile tire rims. [13], On September 5, 2018, a JetSmarter shared charter flight from Las Vegas to New York had to make an emergency landing in North Platte, Nebraska, after a passenger threatened other passengers and the crew. Save time and get . Follow @ndahlberg on Twitter and email ndahlbergbiz@gmail.com. While not familiar with the specifics of JetSmarter until we called him, he said, It raises my red flags., JetSmarter CEO Sergey Petrossov (in tan jacket), and Lolita Petrossov attend the DuJour Media, Gilt and JetSmarter party to kick off Art Basel at the Confidente in Miami Beach last November. Through with the brick-and-mortar approach to booking private aircrafts, Moscow native Sergey Petrossov decided to take matters into his own tech-savvy hands. Its like a country club that follows you around, Petrossov said. In 2012, I spoke to the carriers I had established relationships with and discussed how large of an impact an app to charter a private plane would have on the industry. Petrossov, a native of Russia and graduate of the University of Florida, had been involved with two tech startups before launching JetSmarter in 2013. The company charters them or books space on them from other companies. this link is to an external site that may or may not meet accessibility guidelines. The hardest thing on the demand side, he says, is to change consumer behavior. Americas +1 212 318 2000. How did the journey with JetSmarter begin? Sergey Petrossov Founder JetSmarter (Acquired) | CEO | Board Member | Entrepreneur | Vista Global Executive Miami-Fort Lauderdale Area 5K followers 500+ connections Join to view profile Vista. The startup recently announced it had raised $20 million in funding from the Saudi royal family and celebrities such as Jay-Z. JetSmarters goal is to make private jet travel accessible to the masses, and more than just the privileged .01 percent. He initially resided in California and later moved to Florida, where he continues to live today. Sergey Brin Cofounder and board member, Alphabet $88.5B Real Time Net Worth as of 4/29/23 #12 in the world today Photo by Kelly Sullivan/Getty Images for Breakthrough Prize About Sergey. We used this funding to expand our JetShuttle offerings and continue to expand globally. Galvez isn't the only JetSmarter customer with a grievance. His departure made fundraising, which was growing more and more necessary, exceedingly more difficult. Our average user visits JetSmarter 12 times daily. I went to the University of Florida and studied finance. JetSmarter aggregates prices and availability from hundreds of aviation companies and sells flights in a variety of ways. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Is this another Elizabeth Holmes or Billy McFarland situation or did JetSmarter expand too quickly? One of the benefits to travel by private jet is skipping the hassle of TSA. Ultimately, JetSmarter allows those with a lower net worth the ability to book private flights. I dont know. His inspiration for the idea began in 2009 when he started using private jets to travel, and he realized that the archaic, and mostly-analog, industry had plenty of opportunities for innovation and growth. The world's 12 wealthiest people got richer by $36 billion in a day - and have now gained $264 billion in net worth this year. His goal has always been to have in own company and while still in college, he . It required literally calling to book and signing papers. Sergey Petrossov, CEO of JetSmarter Autopilot is a godsend for getting work done in the car Sergey Petrossov of JetSmarter in his office in Fort Lauderdale, Florida Josh Ritchie/FT Janina. The added costs of the flights made it too expensive for him. A few weeks later, Galvez tried to book a JetSmarter flight. Refresh Miami is a 501c3 non-profit with a mission to educate, inspire, connect and grow South Floridas tech and startup ecosystem. Oh, and by the way, he borrowed the $97,500 from a friend, so he's still paying back the loan. In the private aviation industry, many are familiar with jet cards or fractional jet ownership, where a light to mid-sized jet card can cost one anywhere from $130,000 to $150,000 a year for 25 hours worth of flying. Clearlake Capital and Jeffries Capital finally made an investment in JetSmarter rumored to be around $75 million for one third of the company. Members who pay $9,000 a year, for instance, can get cheaper deals, whilst travellers can charter an aircraft and share the cost with others who seek the same itinerary. TAGS:AIRPLANEAVIATIONFLYFLYINGJETJET SMARTERLUXURYPRIVATE. He was also a board advisor to a private jet operator with the worlds largest on-demand Gulfstream charter fleet. Sergey Petrossov. JetSmarter was losing about $22,000 on a shuttle flight between Los Angeles and New York. Mark Zuckerberg. The report included a video of a JetSmarter flight that was diverted by a passenger making terroristic threats.[41]. With businesses like Uber becoming the norm, how do you see the private aviation industry changing in the near future? He put its revenue in the hundreds of millions, which he hops to double in the next two years. Dorado, PR 00646, Metro Office Park Its no longer about the brand, marketing and brand association. When it comes to private jets, you think Jay-Z flying for $60,000. There are lots of hard times, but I found that, no matter how difficult something is, you should keep falling, and if you keep getting back up and move forward, its virtually impossible to fail unless youre physically incapacitated., That doesnt just apply to him, he adds, but among the great entrepreneurs, it comes back to perseverance. With investors that include the Saudi royal family and Jay-Z , JetSmarter is valued at $1.5 billion. I am a writer and editor with extensive media experience and a passion for journalism and serving the community. JetSmarter went on to raise more than a million dollars in funding, grew to a company with 260 employees and reportedly hit a unicorn valuation of $1.6 billion about two years ago, with backers like rapper Jay-Z and the Saudi royals. I believe the future of travel is going to transcend the language of commodity.. The company held champagne filled parties in Miami, Los Angeles, and New York to attract rich new members. Petrossov is most known for founding JetSmarter, a technology company 2023 Forbes Media LLC. Galvez is no longer using his $97,500 JetSmarter membership. Petrossov's family, however, profited handsomely. Mostly, JetSmarter will be remembered for offering an all-you-can-fly buffet of seats on scheduled private flights for under $10,000 annually, less than a single traditional charter flight. Also, the mass affluent are looking for experiences tailored to the lifestyle they want to live. [27] In January 2016, Chicago Tribune reported that JetSmarter had launched app-based private charter service in Chicago, using Midway International Airport as its access point. In 2016 it started eliminating the free helicopter service as well as catering on the flights. As a renowned principal, Sergey is always finding manners to innovate different industries. Shocked that Samsung has been considering switching its default phone search to Microsofts Bing, with Apple's contract up for renewal as well, Google is pulling out all the stops for Google I/O next month with new chat features for its traditional search function, while keeping Bard at bay. By enabling guests to travel to over 170 countries worldwide, JetSmarter is often referred to as a country club in the air.. In early 2016, it launched flights within Europe. Through the investments, the organization is worth $1.5 billion. JetSmarter customers can charter a plane buy buying a minimum number of seats usually three or four and then JetSmarter sells the rest of the seats to other customers. Hes had that spirit, he says, since his teens. [36], In 2017, The Verge reported that management of JetSmarter offered free flights to its reporters if an article was posted within five days of the flight. Were currently partnered with 800+ carriers across the globe, who work with our team to provide our app users with around 3,200 aircraft and 4,000 free flight hours each month. We spend a lot of time asking members to spread the word. Steven Kreit, a partner at accounting firm EisnerAmper who is in charge of its New York commercial audit and assurance practice, said they should, especially at a unicorn-sized company. I moved to South Florida when I was 11 or 12. Petrossov launched the JetSmarter app back in 2013 and never looked back, its even been referred to by some as Uber for private jets, moving more passengers annually than anyone in the industry. Youd have only two to three people on an average airplane. Not just by the luxury but by how complicated and archaic the process of booking it could be. The startup Sergey wants to change the aviation business by making private flights accessible to the masses. JetSmarter has reinvented private air travel by making it affordable and straightforward, doing away with what is considered an antiquated booking system in favor of a streamlined, technological alternative. In March 2013, JetSmarter launched globally. Thats the most important thing for entrepreneurs. Petrossov knows this and is always trying to think of ways to improve areas that are lacking in technology. Also included for JetSmarter members are complimentary helicopter services, with free transfers to and from New York area airports. JetSmarter had been chipping away at its benefits to members over the year. Exclusively featured by VUE Magazine (vuenj.com). In terms of our marketing strategy, our business wouldnt exist without word-of-mouth. We offer travel experience packages, ranging from experiences with luxury brands like Dom Prignon, to exclusive access to VIP events. But its not just about the brand. Author Recent Posts Follow me Nancy Dahlberg The consent submitted will only be used for data processing originating from this website. LinkedIn and 3rd parties use essential and non-essential cookies to provide, secure, analyze and improve our Services, and (except on the iOS app) to show you relevant ads (including professional and job ads) on and off LinkedIn. While attending the University of Florida, he became involved with his first tech start-up, which lit a passion in him. Sergey Petrossov launched JetSmarter, the Uber for private jet travel in 2013. // < ! JetSmarter aggregates prices and availability from hundreds of aviation companies and sells flights in a variety of ways. In 2006, Sergey co-founded LiveContact, and in 2009 he co-founded a distance-learning solutions company called Federal Systems of Distance Education, which helped give Russian students access to pertinent educational materials. And let's not forget Billy McFarland and the Fyre Festival debacle. This achievement has led to his being one of the worlds wealthiest men. After the Paola flight, the federal agency is looking into whether the startup is following rules governing commercial versus private aviation flights. [16], According to Business Insider and TechCrunch, JetSmarter raised $20 million from the Saudi Royal Family, American rapper Jay-Z, American serial entrepreneur and investor Wayne Chang,[17] and investment bank Goldman Sachs Capital Partners. Petrossov says the company has at times been misunderstood but hes worked hard to make its value clear. If you enjoy our content, support us by becoming a paid subscriber. One of the most essential aspects that move a business forward is the errors that happen along the way. They were doing this stuff back in 2005, 2006. Asia Pacific +65 6212 1000. Lets meet them, AirOps raises $7M to bring the power of AI to the workplace, Tech Talent Coalition workgroup aims to expand training and hiring opportunities for our local diverse talent, Say goodbye to in-person tours: Check out a home for sale from the comfort of metaverse startup Propyverse, At packed Venture Miami Tech Hiring Fair, breadth and depth of Miami movement on full display. Posts Videos Tagged. More from Forbes 30 Under 30 - Consumer Technology 2016 List. Petrossov said that he hopes to expand internationally JetSmarter has offices in London, Zurich and Dubai and to add new services, from lodging to restaurants, that it can serve up to its well-heeled clientele. Our goal is to one day make all air travel private. Today, the company is mired in lawsuits and worth about a fifth of that $1.5 billion. Sergey and Lolita lived in a $2 million house in a gated community in tony Boca Raton, Florida. [14], On April 10, 2019, Dubai-based Vista Global said it had made an agreement to acquire JetSmarter adding it to its aviation portfolio, which includes VistaJet and XOJET. We plan to continue our global expansion, and were currently focusing on expanding in the countries where there is enough supply to satisfy demand, and are continuing to partner with carriers across the globe to offer users more inventory daily. Additionally, JetSmarter partners exclusively with operators that carry a Wyvern Wingman or ARG/US Gold or Platinum safety rating, viewable in the app along with each aircrafts liability insurance. Remember! In March 2013, JetSmarter launched globally. Petrossov said then he started working on the idea in 2012 as a side project and since then it has been one long hectic ride. Over the years, he also said he hoped to take JetSmarter public. We plan to continue our global expansion, and were currently focusing on expanding in the countries where there is enough supply to satisfy demand, and are continuing to partner with carriers across the globe to offer users more inventory daily. He says the company has annual revenues of over $200 million, meaning its top customers probably represent about two-thirds of its revenues. // ]]> JetSmarters own Safety Audit Committee analyzes the procedures of all primary operators in the JetSmarter program. She paid $9,000 for an annual membership in early 2015. We have also announced our series C funding raise of $105 million, at a $1.5 billion pre-money valuation, from existing and new strategic investors. [1] The app connected users to available aircraft and routes in the United States, Europe and Middle East. The business news channel also published a letter from JetSmarter's general counsel attempting to quash its investigation. Its not every day that you see a 29-year-old at the helm of a billion-dollar company. Petrossov talked to us about how he founded his company, the struggles of building it, where he hopes it goes, and his tips for being a successful young entrepreneur. Members who pay $9,000 a year, for instance, can get cheaper deals, whilst travellers can charter an aircraft and share the cost with others who seek the same itinerary. Empty-leg flight deals, or repositioning flights. Petrossov's biggest success to date, however . JetSmarters goal is not only to make it easier for people to fly in luxury. Jay-Z's Private Jet Startup "JetSmarter" Just Raised $105 Million In Series C Funding, Jay-Z And Saudi Royalty Invest In 'Uber For Private Jets' App. The aim of the mobile app is to make travel fun, easy and convenient for our members. I fly three or four times a month, usually three domestic flights and one international flight, said Petrossov. The Russian-born Florida resident aims to change the landscape of private aviation by making it more attainable and efficient than ever before. [39] Offers may be subject to change without notice. Much of that experience comes from team members time with NASA, Nokia, Microsoft, Mercedes Benz, BMW, and Uber. [9], In June 2015, JetSmarter announced its new European headquarters in Zurich, Switzerland. 135 following. Sergey Petrov, 32, from Russia FK Krasnodar, since 2012 Right-Back Market value: 1.00m * Jan 2, 1991 in St. Petersburg, UdSSR Utilizing his previous experience co-founding two IT companies and serving as a board advisor to a private jet operator based in South Florida, Petrossov created a user-friendly app allowing travelers to order flights The 12 wealthiest people on the planet grew $36 . I agree to Money's Terms of Use and Privacy Notice and consent to the processing of my personal information. He has a clear vision for what flying private should be, and he wont stop there. According to Petrossov, JetSmarter has been downloaded more than 300,000 times since its launch in March 2013, and while he wasn't willing to share very many figures relating to the business, he . Petrossov talked to us about how he founded his company, the struggles of building it, where he hopes it goes, and his tips for being a successful young entrepreneur. With the price point and appeal of the luxury experience, the private aviation industry will grow enormously. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. He has a clear vision for what flying private should be, and he wont stop there. Its unfortunate, but it has nothing to do with the company, Petrossov told FORBES in a telephone interview. That was my first experience working with engineers and I learned with technology how much value you can bring in a short amount of time. Mass affluent want a one-stop-shop for all three, and thats what we strive to offer. Today the company -- which bills itself as the Uber for private jets -- has 14,000 paid members paying up to $15,000 a year for perks that include the ability to schedule flights and share seats on jets scheduled by others. The company said this would fuel international expansion and add at least 80 more routes to its existing 50 routes. Sergey Petrossov is thus an ideal successful young entrepreneur. Whats your marketing strategy? Private jet travel is more accessible than people think. . . If you truly believe in what youre doing, youll get there one way or another., Money Group, LLC Year: Net Worth: 2019: $19 Million : 2020: $19.5 Million: 2021: (Photo by Gustavo Caballero/Getty Images for DuJour). You can update your choices at any time in your settings. JetSmarter is established on the collaboration between technology and luxury by management and advisory teams with over 100 years of experience in technology, private air travel, and logistics. Copyright 2023 New Statesman Media Group Ltd. Latest in Luxury - Sign up to our newsletter. The CEO of JetSmarter is Sergey Petrossov, the son of Vatchagan Petrossov, who definitely has an Armenian name. It is expected to close in the second quarter. After his first exposure to private jet travel when a fellow business owner took him aboard one, Petrossov noticed surprising inefficiencies. That investment gives JetSmarter a valuation of less than $250 million, a plummet of more than 80% from the earlier more than one-billion dollar valuation. Your education and upbringing? 15 local leaders selected as GET Cities Champions for gender equity in tech. In February of 2017, the companys president Edward Barsky resigned after he was arrested on charges of grand theft, although Petrossov said the incident was not related to his work for JetSmarter. [39] In the same month, JetSmarter agreed to an undisclosed settlement after a New Jersey coupled filed a lawsuit alleging deceptive sales tactics. JetSmarter aggregates. [2][3][4] The company was purchased by Vista Global in 2019 and merged into a new brand, XOJET Aviation. Before JetSmarter, he cofounded an educational startup that sold cloud-based software for schools and universities in Eastern Europe and Russia, countries that couldnt afford legacy systems. Aviation, he adds, was my side hobby.. If a friend says JetSmarter is the best, the trust factor goes up. The company was headquartered in Fort Lauderdale, Florida, United States. Also, today, in the tech age, luxury is transcending past brand to experience. What was your vision? Here's Where to Start, 6 Random Job Skills Employers Are Looking for in the Covid Era, 5 Time Management Tips That Will Make You More Money, How to Pay Off Debt Even If You Just Lost Your Job, Meet the 29-Year-Old CEO Who Turned His Hobby Into a $1.5 Billion Business That's Backed by Jay-Z. JetSmarter told Galvez that if he bought it now, he could get three years for $97,500. About a year ago, Leonardo Galvez received an offer from JetSmarter that was too good to pass up. https://money.com/jetsmarter-uber-private-jets-ceo/. JetSmarter was a corporation and mobile application for private jet users. JetSmarter declined to comment on CNBC's inquiries, but said in a statement that "changes to our member services and benefits were within the rights of our membership agreement." It's very expensive but worth it to get on a private plane to go somewhere if you've got that kind of money, of course. Should the arrest of a former top executive on unrelated charges and the shifting of CFOs raise questions about the business? When youre young, those are the years you can take the most risks. [30], JetSmarter partnered with various air carriers that span the range of the private charter industry. The shuttles were a big success. So JetSmarter makes empty seats available via its app to anyone looking to jet quickly to their next destination for a price. Still, the company and its founder, Sergey Petrossov, did a lot to pave the way for future by-the-seat and sharing models. We just launched within the app an events and experiences section that allows members to book curated point-to-point experiences that cant be found elsewhere. In April 2018, JetSmarter was valued at $1.5 billion and had 15,000 subscribers who paid a minimum of $5,000 a year to book flights and share seats on flights on private jets via the company's app. It also said it had eliminated free shuttles and for new members, it had eliminated free flights under three hours. Thank you for subscribing to Elite Traveler. With businesses like Uber becoming the norm, how do you see the private aviation industry changing in the near future? From 2007 to 2015, he served as a State Duma deputy from "Just Russia" (though he never actually joined the . JetSmarter has essentially redefined the entire industry with one, clear mission: to reimagine aviation as it was meant to be. It was the easiest money I ever lost in my life.". Like Uber, Lyft, and AirBnb, who don't own the cars or properties they peddle, JetSmarter does not own the planes. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. He decided to organize planes in a digital fashion with high utilization and a lower cost of entry.. A Luxury Guide to a Long Weekend in Istanbul, Sjefke Jansen on His New Role as GM of Anantara Kihavah, Le Commandant Charcot: The Worlds Only Luxury Icebreaker, The McLaren Paddock Club: Feel the Beating Heart of Formula 1. Back in the early days, a JetSmarter membership also included free helicopter service to its airports and catering on the flights. Still, despite JetSmarter's aggressive legal bullying, a number of former members have joined a class action lawsuit against the company. The partners that we have cover a large number of international destinations, to enable our customers to be able to fly worldwide within as little as six hours from booking their flight. Its not every day that you see a 29-year-old at the helm of a billion-dollar company. When JetSmarter debuted, it was touted as a disruptor in the aviation industry. We just launched within the app an events and experiences section that allows members to book curated point-to-point experiences that cant be found elsewhere. A G4 costs more than $6,000 per hour to fly. Your email address will not be published. Anthony Pompliano Net Worth Phone Number, House Address, Wiki, Ashley Massengill Net Worth | Bio, Family, Address, Career, Atlas Monroe Net Worth | Age, Height, Weight, Dating And More, Beyonce S Net Worth Phone Number, House Address, Wiki, Blue Ivy Net Worth Phone Number, House Address, Wiki. The plane made an emergency landing in Nebraska and Paola was removed from the plane and arrested. Petrossov launched the JetSmarter app back in 2013 and never looked back, its even been referred to by some as Uber for private jets, moving more passengers annually than anyone in the industry. The company was offering him its "sophisticated membership," which included unlimited, free private jet flights with a companion pass. There is no such thing as a typical day for Petrossov. It couldn't even meet payroll. Many private jets flying the friendly skies are empty or nearly so.

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