sergey petrossov net worth

But its not just about the brand. He was charged with five counts of grand theft by embezzlement by authorities in Contra Costa, California. Hes had that spirit, he says, since his teens. The problem is, he was the key person dealing with the company's investors. Theres no effect on the business., There has, however, also been a management shuffle among the chief financial officers over the past year. 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. Take as much risk as you can when youre young. He believes in the potential growth of the industry and apparently so do his investors, including the likes of Jay-Z and the Saudi Royal Family. JetSmarter, the once high-flying South Florida unicorn, is being acquired. We have to boil that down to them.. JetSmarter was basically throwing cash on the fire and watching it burn. The letter accused CNBC of "tortuously interfering with JetSmarter's contractual relationships.". What was your background prior to JetSmarter? The plane made an emergency landing in Nebraska and Paola was removed from the plane and arrested. JetSmarters goal is also to utilize those passenger-free flight hours and fill them. [28] Adding to its services, the company offered helicopter transfers in select cities. Pretend youre 80 years old and looking back on your lifehow would you feel if you didnt try anything? JetSmarter set out to revolutionize jet travel. JetSmarter was founded by Moscow-born Sergey Petrossov, who moved to South Florida as a teen, graduated from the University of Florida and launched JetSmarter in 2012 when he was in his early 20s. Sergey Petrossov is a successful businessman and entrepreneur. Strategies for Business Growth and Productivity. Whats your marketing strategy? The salespeople offered special deals, incentives, and other tactics in what can only be called a "money grab.". 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. And down the road, we want to own premium business travel in the United States, he says. Petrossov declined to say when JetSmarter would turn a profit. He graduated in 2009. Manage Settings As part of the Vista Global transaction, all JetSmarter investors, including Clearlake Capital and Jefferies Financial, will become investors in Vista Global. If a friend says JetSmarter is the best, the trust factor goes up. He filed a lawsuit against JetSmarter and its salesperson. The company held champagne filled parties in Miami, Los Angeles, and New York to attract rich new members. Consumers are turned off by processes that make it difficult for them to accomplish their goals. Its no longer about the brand, marketing and brand association. Petrossov's biggest success to date, however . Be the first to know about the latest in luxury lifestyle news and travel. Clearlake Capital and Jeffries Capital finally made an investment in JetSmarter rumored to be around $75 million for one third of the company. The buyer of the Lauderdale-based company that provides an Uber-for-jets service is Dubai-based Vista Global, Bloomberg reported this morning. Constant innovation hinges on always anticipating the clients next move and tendencies and catering to them. I went to the University of Florida and studied finance. 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. Petrossov is most known for founding JetSmarter, a technology company Select Accept to consent or Reject to decline non-essential cookies for this use. More importantly, without trial and error, there is no innovation and, ultimately, no advancement or progress. Meet the CEO of JetSmarter, the Uber of Private Jets | Money JetSmarter has not been without its hiccups. 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. The business news channel also published a letter from JetSmarter's general counsel attempting to quash its investigation. I believe the future of travel is going to transcend the language of commodity.. 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. I went to the University of Florida and studied finance. If you enjoy our content, support us by becoming a paid subscriber. Top 3 Mistakes Car Buyers Make During Lockdown - LinkedIn In reality, the company was losing millions of dollars a month and not delivering on promises to customers and investors. Your email address will not be published. [29], In May 2018, JetSmarter announced it would have a fleet of 20 JetSmarter branded aircraft by the end of the year. Our goal is to one day make all air travel private. JetSmarter aggregates prices and availability from hundreds of aviation companies and sells flights in a variety of ways. The aim of the mobile app is to make travel fun, easy and convenient for our members. As a renowned principal, Sergey is always finding manners to innovate different industries. CNBC spoke to Sally Horchow, a Los Angeles-based Broadway producer who travels frequently to New York. Born in Moscow, Petrossov relocated to the United States with his family at the age of four. JetSmarter put together an impressive investor presentation filled with the projection that revenue would grow from $124 million in 2016 to more than $2 billion in 2019. A membership model would give the company both regular revenue and enough customers to set it on the road to going public one day. Jetsmarter, The Uber For Private Jets Is Facing Lawsuits And 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. Petrossov has not responded to my request for an interview. 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. Its about personalization and what I call predictive hospitality. Your education and upbringing? Support. Thank you for subscribing to Elite Traveler. 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. Petrossov, who was born in Russia but moved to Florida at a young age with his family, struggles to define what has made him hustle through his 20s. They were doing this stuff back in 2005, 2006. 10.5K followers. JetSmarter was a corporation and mobile application for private jet users. His brother was also an employee. He alleged misleading advertising on social media from Kim Kardashian and Petra Nemcova as well as deceptive sales tactics. The shuttles were a big success. 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. Members also have access to free last-minute flights on empty legs. The startup recently announced it had raised $20 million in funding from the Saudi royal family and celebrities such as Jay-Z. Opinions are our own, but compensation and in-depth research determine where and how companies may appear. 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. 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? 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. [40], In January 2019, CNBC aired an investigative report on JetSmarter, titled "Tailspin", stating that "JetSmarter tried to be the Uber of private jets, now it faces lawsuits, losses and security questions". 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. Or will JetSmarter go down in the annals of history as another good idea that was unable to be realized by its under experienced founder and CEO? The company has also been known to sue journalists for writing articles critical of the company if they do not take down the article. This page was last edited on 13 April 2023, at 03:18. Often called " Uber " for private air travel, JetSmarter enables people to book. His advice to millennials like him who want to create companies is to be bold sooner rather than later. JetSmarter has essentially redefined the entire industry with one, clear mission: to reimagine aviation as it was meant to be. Petrossov declined to divulge revenues, but if 8,000 members are paying $15,000 a year that would mean $120 million in annual membership fees alone. Sergey Petrossov. That means going after business-class and first-class travelers and trying to lure them to JetSmarter. His departure made fundraising, which was growing more and more necessary, exceedingly more difficult. Sergey Petrossov | New York Post One of the benefits to travel by private jet is skipping the hassle of TSA. The aircraft would be managed and operated by JetEdge, a Part 135 operator. 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. Experienced Entrepreneur. From 2007 to 2015, he served as a State Duma deputy from "Just Russia" (though he never actually joined the . I am a writer and editor with extensive media experience and a passion for journalism and serving the community. But guess what happened when she and other new sophisticated members tried to book flights? But forJetSmarterFounder and CEO, Sergey Petrossov, its just another day at the office (or in the skies). It is this small switch in outlook that the customers needs are paramount, that can make a big difference. The Fort Lauderdale, Florida based company opened offices in London, Zurich, Moscow, Dubai, and Saudi Arabia. I dont know. For more information visit: www.jetsmarter.com. JetSmarter, founded by CEO Sergey Petrossov, has reached a $1.5 billion valuation following that opposite path. Sergey Petrossov - Facebook 5. If a friend says JetSmarter is the best, the trust factor goes up. You can update your choices at any time in your settings. Language links are at the top of the page across from the title. The idea was so simple it seemed impossible that someone hadn't thought about it before. The added costs of the flights made it too expensive for him. So far, there is no announcement on the JetSmarter website. In fact, it is making money on some flights. We are continually looking at ways and means to expand our offerings within the region, and globally. [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. And let's not forget Billy McFarland and the Fyre Festival debacle. 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. 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. 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. He has a clear vision for what flying private should be, and he wont stop there. The cost was high., Private jets often sit around empty, further driving up prices. His success has come from the rising of hard work. So JetSmarter makes empty seats available via its app to anyone looking to jet quickly to their next destination for a price. JetSmarter, once a high-flying unicorn, is being acquired Then, in early 2017, Gennady Barsky, JetSmarter's president was arrested and charged with grand theft. For more information, read, How to Switch Careers Even if You Think It's Impossible, Your Resume Probably Needs a Pandemic Makeover. For Petrossov, his vision is one that goes beyond mere name recognition and service. 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. Continue with Recommended Cookies, Your email address will not be published. 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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