sergey petrossov net worth

Sergey Petrossov, Advisor, XO Learn more in our Cookie Policy. Clearlake Capital and Jeffries Capital finally made an investment in JetSmarter rumored to be around $75 million for one third of the company. JetSmarter is not taking the criticism from customers and former employees lying down. The question was: How was JetSmarter making ANY money off their flights? I went to the University of Florida and studied finance. 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. 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. Sergey Petrossov - Forbes We are continually looking at ways and means to expand our offerings within the region, and globally. It is expected to close in the second quarter. His goal has always been to have in own company and while still in college, he . 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. Also included for JetSmarter members are complimentary helicopter services, with free transfers to and from New York area airports. It supported chat for audio and video for website customer service. If a friend says JetSmarter is the best, the trust factor goes up. The aircraft would be managed and operated by JetEdge, a Part 135 operator. The startup Sergey wants to change the aviation business by making private flights accessible to the masses. She paid $9,000 for an annual membership in early 2015. When JetSmarter debuted, it was touted as a disruptor in the aviation industry. The company has also been known to sue journalists for writing articles critical of the company if they do not take down the article. Petrossov formed relationships in aviation by going to trade shows. Author Recent Posts Follow me Nancy Dahlberg this link is to an external site that may or may not meet accessibility guidelines. More importantly, without trial and error, there is no innovation and, ultimately, no advancement or progress. Thats a shift. [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. Its no longer about the brand, marketing and brand association. The CEO of JetSmarter is Sergey Petrossov, the son of Vatchagan Petrossov, who definitely has an Armenian name. [28] Adding to its services, the company offered helicopter transfers in select cities. The idea was so simple it seemed impossible that someone hadn't thought about it before. World's 12 Wealthiest People Got $36 Billion Richer in a Single Day In the beginning, JetSmarter bought seats on flights that were empty because they were being moved to another location for a flight originating elsewhere. JetSmarter aggregates prices and availability from hundreds of aviation companies and sells flights in a variety of ways. He sees his app as not a premium product, but rather as providing value to consumers. 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. As they grew, JetSmarter began offering own shuttle services it would charter a plane on a popular route and fill it with JetSmarter members. Sergey Petrossov, Big Dreams Lead to Great Success 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 thus an ideal successful young entrepreneur. In 2009 when I began flying private, I quickly came to realize that the private jet industry was very archaic; its brick-and-mortar process of picking up the phone, waiting hours and speaking to numerous different people in order to charter a jet was outdated and inconvenient. Sergey Petrossov. 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. Remember! 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. 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 . To join JetSmarter costs $15,000 a year to gain access, Petrossov said, and members then pay for the flights or other services. While attending the University of Florida, he became involved with his first tech start-up, which lit a passion in him. View the profiles of professionals named "Sergey Petrossov" on LinkedIn. I wasnt the founder but since I got involved early they called me a co-founder. I fly three or four times a month, usually three domestic flights and one international flight, said Petrossov. The cost was high., Private jets often sit around empty, further driving up prices. I knew I wanted to go in technology, Petrossov says. JetSmarter still has to deal with inquiries from the FAA. It also said it had eliminated free shuttles and for new members, it had eliminated free flights under three hours. 1,302 likes. Rather than just thinking of ways to improve a service digitally, he tries to focus on how he and his product can improve lives and lifestyles. JetSmarter was the first "flying unicorn," with a valuation of more than $1 billion. Americas +1 212 318 2000. 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. [20][21][22], In August 2017, JetSmarter said it had raised an undisclosed amount of institutional capital from Clearlake Capital, Leucadia National Corporation and existing investors. Where and how did you raise capital for the company? That means a one way trip from New York to Los Angeles would cost more than $30,000. As a renowned principal, Sergey is always finding manners to innovate different industries. How did the journey with JetSmarter begin? He is a Forbes-ranked billionaire, with an estimated net worth of $2.3 billion. I moved to South Florida when I was 11 or 12. Its third round in 2016 raised $105 million and put the valuation of the startup at $1.5 billion. 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. Its been a wild few months for Sergey Petrossov, the 28-year-old founder and CEO of JetSmarter, which hopes to be the Uber of private jet service and has gained high-profile investors like the Saudi Royal Family and Jay Z. With JetSmarter, youll no longer have to go through the TSA lines with unreasonable wait times, or have to deal with uncomfortable airplane seats well get you to your destination with comfort and ease. 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 added costs of the flights made it too expensive for him. What was your background prior to JetSmarter? 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. [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. (Epstein declined to comment.). But that has raised concerns for some of JetSmarter's customers. Customers are calling the company a "high tech shell game" and an "unlawful bait and switch" and a "fraud," according to the lawsuits filed against the company. Can the company ever be profitable without the all you can fly private jet memberships that made it famous and attracted thousands of customers? Today, the company is mired in lawsuits and worth about a fifth of that $1.5 billion. One of the most essential aspects that move a business forward is the errors that happen along the way. What began as an idea in 2012 has now become the world's largest private aviation travel and lifestyle community. It's been a wild few months for Sergey Petrossov, the 28-year-old founder and CEO of JetSmarter, which hopes to be the Uber of private jet service and has gained high-profile investors like the. 7 calle 1, Suite 204 He spends some days speaking with stakeholders while other days are spent meeting clients demands. Now, Petrossov is the founder and CEO of JetSmarter, an app-based mobile community made to help people to travel by private jet for a fraction of the cost and like meeting like-minded people. Private jet travel is more accessible than people think. Submit a correction suggestion and help us fix it! It turned out that flight wasn't free as promised. Founder Sergey Petrossov said in the brokerage industry, "there's very little transparency." With the JetSmarter app, consumers can see the prices anywhere from $5,000 to $600,000 for a . Also, today, in the tech age, luxury is transcending past brand to experience. Sergei Andreyevich Petrov ( Russian: ; born 2 January 1991) is a Russian football player. With the price point and appeal of the luxury experience, the private aviation industry will grow enormously. Petrossov knows this, which is why he takes his time to build his professional relationships and the JetSmarter brand. 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. By 2009, Sergey Petrov was the 51st richest businessman in Russia, according to Forbes magazine. His departure made fundraising, which was growing more and more necessary, exceedingly more difficult. We have raised funding from private sources including the royal family in the Kingdom of Saudi Arabia, A-league executives, music moguls, and more. 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. When it comes to private jets, you think Jay-Z flying for $60,000. Now people from all walks of life have started evaluating his merits. 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. I believe the future of travel is going to transcend the language of commodity.. Over the years, JetSmarter has attracted investments from Jay-Z, the Saudi Royal family, and execs from Twitter and Goldman Sachs. [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. But when you present all the pros, you save a significant amount of money. As he points out, members are still able to choose an airport and time, and other users can opt in for the excursion. 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. [10][11] JetSmarter had offices in Zurich, London, Moscow, Dubai, Riyadh, and Fort Lauderdale. Strategies for Business Growth and Productivity. We used this funding to expand our JetShuttle offerings and continue to expand globally. For Petrossov, his vision is one that goes beyond mere name recognition and service. What are the main differences between JetSmarter and its close competitors? In September 2018, on a flight from New York to Las Vegas, 23-year-old DJ Maurice Paola started yelling and threatening to kill other passengers. Founder @jetsmarter Acquired by @vistaglobalholding Building @flyxo @vistajet. We have to do that for the traditional private flyer whos not used to sharing an airplane. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. Youd have only two to three people on an average airplane. Petrossov says about 1,000 of its members representing the top 10% of its customers spend an average of $140,000 per year. Then different membership tiers debuted. Having visited more than 30 countries, Petrossov named New York City as his favorite travel destination and Hong Kong as the next stop on his list. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. Charter a flight with the tap of an app - Sun Sentinel We offer travel experience packages, ranging from experiences with luxury brands like Dom Prignon, to exclusive access to VIP events. Because you cant when youre older., His other tip, which hes put to use himself, is simple. 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. JetSmarters goal is also to utilize those passenger-free flight hours and fill them. Our average user visits JetSmarter 12 times daily. Some flights have security dogs inspecting bags, but many have no security checks at all. Sergey Petrossov launched JetSmarter, the Uber for private jet travel in 2013. Other have filed consumer fraud lawsuits against JetSmarter, with many seeking seven figure damages. What was your vision for the mobile app? 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. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. 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. During his research, he also discovered that about 70 percent of all private jets were empty and the majority of their flight hours were spent traveling to pick up the next passenger, not flying the passenger themselves. Members also have access to free last-minute flights on empty legs. Last year website The Verge wrote a long article detailing anonymous complaints the company faced after changing up the services it offered. There are approximately 22,000 private flights every single day in the United States, and one-third of them are empty. There are also concerns over security. In reality, the company was losing millions of dollars a month and not delivering on promises to customers and investors. He came up with the idea in 2008, when he graduated from the University of Florida. It projected that membership would grow from 5,839 in 2016 to more than 100,000 in 2019. This is just a sample. If a friend says JetSmarter is the best, the trust factor goes up. 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. In March 2013, JetSmarter launched globally. What began as an idea in 2012 has now become the worlds largest private aviation travel and lifestyle community. Even CNBC, in their reporting on this issue, received a letter from JetSmarter's general counsel demanding that they "immediately cease and desist" calling former and current employees. Whats your marketing strategy? Your email address will not be published. Google [x], Rapid Evaluation Program Manager. And, if they want, they can book a fully private flight, which comes with a higher cost.

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