sergey petrossov net worth

JetSmarters starting point is $17,500, so theyve essentially lowered the entry point for private aviation, allowing many people with a lower net worth to fly privately when they never could before. 15 local leaders selected as GET Cities Champions for gender equity in tech. Petrossov says the company has at times been misunderstood but hes worked hard to make its value clear. How do you source your planes, staff and pilots? Its about personalization and what I call predictive hospitality. Is this another Elizabeth Holmes or Billy McFarland situation or did JetSmarter expand too quickly? Not just by the luxury but by how complicated and archaic the process of booking it could be. Yep, JetSmarter had changed its terms and conditions again. We offer travel experience packages, ranging from experiences with luxury brands like Dom Prignon, to exclusive access to VIP events. Sergey and Lolita lived in a $2 million house in a gated community in tony Boca Raton, Florida. ", "JetSmarter faces lawsuits, losses and security questions", https://en.wikipedia.org/w/index.php?title=JetSmarter&oldid=1149578250, Companies based in Fort Lauderdale, Florida, Ridesharing companies of the United States, All Wikipedia articles written in American English, Creative Commons Attribution-ShareAlike License 3.0, Sergey Petrossov (CEO), Gennady Barsky (President). The company has a trail of angry customers and at least 13 lawsuits. 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. Sergey Petrossov, a Young Man with a Big Dream: Sergey Petrossov moved to the U.S. as a young boy, and his family finally settled in Florida. Galvez is no longer using his $97,500 JetSmarter membership. 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 We are continually looking at ways and means to expand our offerings within the region, and globally. Petrossov declined to say when JetSmarter would turn a profit. We think about three pillars: how you get there, who you meet and where you go. What are the main differences between JetSmarter and its close competitors? Petrossov was shocked at how out-dated the entire booking processes seemed, and he figured that the whole experience could be streamlined via technology. 5. If clients and customers arent happy, the product is doomed to fail, and being at the forefront of what people want and need allows Petrossov to keep his clients and customers happy, setting JetSmarter up for further success. TAGS:AIRPLANEAVIATIONFLYFLYINGJETJET SMARTERLUXURYPRIVATE. 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. JetSmarter was basically throwing cash on the fire and watching it burn. I wasnt the founder but since I got involved early they called me a co-founder. He says the company has annual revenues of over $200 million, meaning its top customers probably represent about two-thirds of its revenues. The company also said it was providing integration via SAP Concur to attract more corporate travel business. Still, the company and its founder, Sergey Petrossov, did a lot to pave the way for future by-the-seat and sharing models. 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 . Americas +1 212 318 2000. JetSmarter flight services included a mix of shared and private flights: JetSmarter claimed to offer 3,000 private jets and 2,000 free empty legs per month. Vista Global, owner of VistaJet and XOJET, will immediately benefit from JetSmarters industry-leading technology platform that will ease the booking process for VistaJet customers, according to a Forbes report. His advice to millennials like him who want to create companies is to be bold sooner rather than later. 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. [37] According to the reporter if the story did not appear within that timeline, the reporter's credit card would be charged $2,000. The report included a video of a JetSmarter flight that was diverted by a passenger making terroristic threats.[41]. The company is still not profitable but it isn't losing as much money on flights. Opinions are our own, but compensation and in-depth research determine where and how companies may appear. 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, founded by CEO Sergey Petrossov, has reached a $1.5 billion valuation following that opposite path. Its not every day that you see a 29-year-old at the helm of a billion-dollar company. [CDATA[ https://money.com/jetsmarter-uber-private-jets-ceo/. [30], JetSmarter partnered with various air carriers that span the range of the private charter industry. When JetSmarter debuted, it was touted as a disruptor in the aviation industry. Mark Zuckerberg. JetSmarter was losing money hand over fist so it went through three investment rounds to raise cash. This tailored approach seems to be working. [9], In June 2015, JetSmarter announced its new European headquarters in Zurich, Switzerland. Ultimately, JetSmarter allows those with a lower net worth the ability to book private flights. JetSmarter set out to revolutionize jet travel. 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? We have to do that for the traditional private flyer whos not used to sharing an airplane. He was also a board advisor to a private jet operator with the worlds largest on-demand Gulfstream charter fleet. JetSmarter was losing money hand over fist so it went through three investment rounds to raise. The idea was so simple it seemed impossible that someone hadn't thought about it before. The business is capital-intensive, so JetSmarter, based in Fort Lauaderdale, Fla, had to secure major funding -- including a $105 million round of financing raised last year. Sergey Petrossov is a successful businessman and entrepreneur. 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. 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. . Unique services offered by JetSmarter include the option of booking free seats on scheduled shuttle routes or creating shuttles between certain cities, free flights to new destinations daily from members favorite cities and real-time private jet booking with guaranteed availability in more than 170 countries. 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. Clearlake Capital and Jeffries Capital finally made an investment in JetSmarter rumored to be around $75 million for one third of the company. By enabling guests to travel to over 170 countries worldwide, JetSmarter is often referred to as a country club in the air.. 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. JetSmarters goal is also to utilize those passenger-free flight hours and fill them. Offers may be subject to change without notice. For more information, read, How to Switch Careers Even if You Think It's Impossible, Your Resume Probably Needs a Pandemic Makeover. Follow @ndahlberg on Twitter and email ndahlbergbiz@gmail.com. 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 moved to South Florida when I was 11 or 12. 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. How do you source your planes, staff and pilots? Sergey Petrossov launched JetSmarter, the Uber for private jet travel in 2013. The Russian-born Florida resident aims to change the landscape of private aviation by making it more attainable and efficient than ever before. He has a clear vision for what flying private should be, and he wont stop there. Tucker Carlsons Ouster From Fox Criticized By Russias Foreign Minister As Curious News, Google At Risk Of Losing Samsung And Apple Phone Deal To Microsoft AI, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. 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. [12][18][19], In December 2016, JetSmarter announced it had raised an additional $105 million at a $1.6 billion valuation. 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.. 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. There are 4 professionals named "Sergey Petrossov", who use LinkedIn to exchange information, ideas, and opportunities. 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. Petrossovs career as an entrepreneur has been finding those difficult processes and making them simple and more accessible. 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. JetSmarter was losing about $22,000 on a shuttle flight between Los Angeles and New York. In 2016 it started eliminating the free helicopter service as well as catering on the flights. Follow @ndahlberg on Twitter and email ndahlbergbiz@gmail.com. She was told she could get three years of sophisticated membership for $87,092 a discount from the already discounted $97,500. [35] The company also partnered with Jet Edge and Air Hamburg to cater to its global community of private jet fliers. Were still educating. She was told the membership included free flights under three and a half hours, a discount on longer flights, and the potential to bring up to three guests. 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. This achievement has led to his being one of the worlds wealthiest men. The aim of the mobile app is to make travel fun, easy and convenient for our members. JetSmarter, the once high-flying South Florida unicorn, is being acquired. Sources told the New York Post in February that the startup was in rescue talks., Our vision is to create this travel and lifestyle community and to deliver an end-to-end experience for how you get there, who you meet and where you go, Petrossov said in a 2017 interview with me. As Galvez told CNBC: "My heart dropped. Have news? A year later, JetSmarter needed more cash. You heard it here first. As they grew, JetSmarter began offering own shuttle services it would charter a plane on a popular route and fill it with JetSmarter members. CNBC spoke to Sally Horchow, a Los Angeles-based Broadway producer who travels frequently to New York. What was your vision for the mobile app? 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. The first time Sergey Petrossov flew on a private jet in 2009, he was surprised. Petrossov knows this and is always trying to think of ways to improve areas that are lacking in technology. Members also have access to free last-minute flights on empty legs. Its not every day that you see a 29-year-old at the helm of a billion-dollar company. Awarded Forbes 30 Under 30 in Consumer Technology, Petrossov is an entrepreneur by trade and has taken JetSmarter to heights no one would have imagined no one but himself, of course. In other incidences, passengers and crew members have witnessed passengers using JetSmarter to transport drugs or large amounts of cash. His wife Lolita ran the day to day business as its CEO. 135 following. Dorado, PR 00646, Metro Office Park // ]]> JetSmarters own Safety Audit Committee analyzes the procedures of all primary operators in the JetSmarter program. In March 2013, JetSmarter launched globally. Support. Refresh Miami is a 501c3 non-profit with a mission to educate, inspire, connect and grow South Floridas tech and startup ecosystem. 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. He alleged misleading advertising on social media from Kim Kardashian and Petra Nemcova as well as deceptive sales tactics. The added costs of the flights made it too expensive for him. In 10 years, I think theres a big opportunity as you move into shorter-distance flights where we can actually deliver a much broader, mass-market solution, where you can actually serve customers at $500 a seat, he says. Also, the mass affluent are looking for experiences tailored to the lifestyle they want to live. I agree to Money's. 2023 Forbes Media LLC. 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. [28] Adding to its services, the company offered helicopter transfers in select cities. The aim of the mobile app is to make travel fun, easy and convenient for our members. With the price point and appeal of the luxury experience, the private aviation industry will grow enormously. There was no digital form in accessing it. After his first exposure to private jet travel when a fellow business owner took him aboard one, Petrossov noticed surprising inefficiencies. Petrossov knows this, which is why he takes his time to build his professional relationships and the JetSmarter brand. JetSmarter is not taking the criticism from customers and former employees lying down. 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.. Does that sound familiar? That revelation inspired the 29-year-old entrepreneur to launch JetSmarter a start-up that allows people across the globe to book trips on a private jet using its mobile app. With businesses like Uber becoming the norm, how do you see the private aviation industry changing in the near future? var _Hasync=_Hasync||[];_Hasync.push(['Histats.start','1,4553220,4,511,95,18,00000000']);_Hasync.push(['Histats.fasi','1']);_Hasync.push(['Histats.track_hits','']);(function(){var hs=document.createElement('script');hs.type='text/javascript';hs.async=true;hs.src=('//s10.histats.com/js15_as.js');(document.getElementsByTagName('head')[0]||document.getElementsByTagName('body')[0]).appendChild(hs);})(); Sergey Petrossov has become the most popular person by his significant works. 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. 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. 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. That means going after business-class and first-class travelers and trying to lure them to JetSmarter. After Clearlake and Jeffries' investments, JetSmarter's salespeople were pushed harder to sign up new members and bring in cash. A few weeks later, Galvez tried to book a JetSmarter flight. Petrossov's biggest success to date, however . Save time and get . Learn more in our Cookie Policy. Thats a shift. 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. As an entrepreneur, Petrossov focuses heavily on two things: maintaining his professional network and building a trustworthy, relatable brand and story. 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. The company had booths and VIP lounges at yacht shows, art fairs, and other places wealthy people gathered en masse. Over the years, JetSmarter has attracted investments from Jay-Z, the Saudi Royal family, and execs from Twitter and Goldman Sachs. // < ! She paid $9,000 for an annual membership in early 2015. We bootstrapped a small tech team in 2012, built an app, met with industry people, raised a little bit of money, and launched to the public in 2013. You have this multibillion-dollar industry that was completely analogue, he says. His departure made fundraising, which was growing more and more necessary, exceedingly more difficult. [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. The company said this would fuel international expansion and add at least 80 more routes to its existing 50 routes. 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 with top-rated private jet operators. The company had no comment on The Verge reporting or Barsky's exit for this story. The business news channel also published a letter from JetSmarter's general counsel attempting to quash its investigation. And let's not forget Billy McFarland and the Fyre Festival debacle. Peoples lifestyles are continuously enhanced by technology, so Petrossov never stops thinking about how to make the most of all of the gadgets and devices that people have at their fingertips. 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. Instead, his focus is on creating a world-class, hospitality-driven experience. What began as an idea in 2012 has now become the world's largest private aviation travel and lifestyle community. JetSmarter was a corporation and mobile application for private jet users. VUE caught up with Petrossov to learn more about his journey, the future of the industry and perhaps a tip or two on how to turn a simple vision into a billion-dollar reality. Mass affluent want a one-stop-shop for all three, and thats what we strive to offer. The shuttles were a big success. For many domestic flights I use our companys private jet offerings.. He jumped at the chance to purchase the longer deal. Select Accept to consent or Reject to decline non-essential cookies for this use. Petrossov loves to fly and has traveled all over the world. Back in the early days, a JetSmarter membership also included free helicopter service to its airports and catering on the flights. Should the arrest of a former top executive on unrelated charges and the shifting of CFOs raise questions about the business? Contact me at ndahlbergbiz@gmail.com. [CDATA[ brightcove.createExperiences(); With businesses like Uber becoming the norm, how do you see the private aviation industry changing in the near future? He noted that the company had recently added access to 8,000 luxury homes (and villas) to its system. Your education and upbringing? In fact, they were even cheaper than flying first class on commercial airlines. About a year ago, Leonardo Galvez received an offer from JetSmarter that was too good to pass up. This story was updated throughout the day. Petrossov has not responded to my request for an interview. Awarded Forbes 30 Under 30 in Consumer Technology and South Florida's Top Working Professional by the Sun Sentinel, Sergey Petrossov is a serial entrepreneur and investor always seeking ways to innovate industries. Empty-leg flight deals, or repositioning flights. Also, today, in the tech age, luxury is transcending past brand to experience. Sergey Petrossov Young Economics & Finance Graduate With Marketing Experience Interested In Data Analytics Field Published Jun 28, 2020 + Follow Do you feel like pulling your hair out because you .

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