sergey petrossov net worth

The company is still not profitable but it isn't losing as much money on flights. Get the latest sergey petrossov news, articles, videos and photos on the New York Post. Russia. He initially resided in California and later moved to Florida, where he continues to live today. Posts Videos Tagged. [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. Trial and error drive progress and are at the heart of innovation. Much of that experience comes from team members time with NASA, Nokia, Microsoft, Mercedes Benz, BMW, and Uber. According to a recent investigation by Forbes and Business Insider, Sergey Petrossov estimated net worth is more than a couple of million USD, according to the publication. JetSmarter is not taking the criticism from customers and former employees lying down. I love hosting this blog for Refresh Miami and we aim to be the go-to site for South Florida startup and tech news, features and views. Members raved about the service, which at the time, gave them all you can fly private jet service for as little as $7,000 a year. 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. 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. [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. How do you source your planes, staff and pilots? Its about personalization and what I call predictive hospitality. After paying nearly $90,000 for memberships, they were being told they had to pay more to actually USE their memberships. She was told she could get three years of sophisticated membership for $87,092 a discount from the already discounted $97,500. Your email address will not be published. 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. Their lawsuit included a text message from a JetSmarter sales representative promising free flights they allege were never provided. He says the company has annual revenues of over $200 million, meaning its top customers probably represent about two-thirds of its revenues. There are 4 professionals named "Sergey Petrossov", who use LinkedIn to exchange information, ideas, and opportunities. Sergey Petrossov. To join JetSmarter costs $15,000 a year to gain access, Petrossov said, and members then pay for the flights or other services. JetSmarters goal is not only to make it easier for people to fly in luxury. [7][8] In August 2012, the beta version was launched and tested among a closed group of private aviation users. Whats your marketing strategy? JetSmarter was the first "flying unicorn," with a valuation of more than $1 billion. These airplanes are severely under-utilized by flying only 200 hours a year when they could be flying 1,200 hours. For more information, read, How to Switch Careers Even if You Think It's Impossible, Your Resume Probably Needs a Pandemic Makeover. He is a Forbes-ranked billionaire, with an estimated net worth of $2.3 billion. Mass affluent want a one-stop-shop for all three, and thats what we strive to offer. JetSmarter, founded by CEO Sergey Petrossov, has reached a $1.5 billion valuation following that opposite path. The planes werent being utilized enough. Offers may be subject to change without notice. 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. Hes had that spirit, he says, since his teens. Sergey Petrossov. Save time and get . After paying to join, JetSmarter members can pay to fly on pre-scheduled flights between popular destinations or book their own aircraft and let members claim seats. After the Paola flight, the federal agency is looking into whether the startup is following rules governing commercial versus private aviation flights. The private aviation industry is highly inefficient, and Petrossov has built JetSmarter to bring efficiency and a younger customer-base in, ushering the industry into the 21st century. 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. Google [x], Rapid Evaluation Program Manager. In season, helicopter shuttles to the Hamptons from Manhattan are available as well. It also said it had eliminated free shuttles and for new members, it had eliminated free flights under three hours. The flights Horchow took were a fraction of the cost of other private jet companies. Lots 81-82 Street C This story was updated throughout the day. And let's not forget Billy McFarland and the Fyre Festival debacle. Today, the company is mired in lawsuits and worth about a fifth of that $1.5 billion. 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. 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. 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. [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. Customers started accusing JetSmarter of bait and switch. He jumped at the chance to purchase the longer deal. Many companies featured on Money advertise with us. JetSmarters goal is to make private jet travel accessible to the masses, and more than just the privileged .01 percent. An example of data being processed may be a unique identifier stored in a cookie. 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. JetSmarter has essentially redefined the entire industry with one, clear mission: to reimagine aviation as it was meant to be. Petrossov says about 1,000 of its members representing the top 10% of its customers spend an average of $140,000 per year. this link is to an external site that may or may not meet accessibility guidelines. 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. 2023 Celebrity Net Worth / All Rights Reserved. In September 2016, then-Florida Gov. How did the journey with JetSmarter begin? 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 added costs of the flights made it too expensive for him. In December, it garnered a giant $105 million round of financing that pushed the private companys valuation to $1.5 billion. And so JetSmarter came to be, though not easily. What are the main differences between JetSmarter and its close competitors? Where and how did you raise capital for the company? With investors that include the Saudi royal family and Jay-Z , JetSmarter is valued at $1.5 billion. The plane made an emergency landing in Nebraska and Paola was removed from the plane and arrested. This page was last edited on 13 April 2023, at 03:18. Now people from all walks of life have started evaluating his merits. The current CFO is Edward Codispoti, who had previously been chief financial officer at TradeStation. Terms of the transaction were not disclosed. The FBI is also investigating JetSmarter, specifically about the business and sources of cash, drug transportation, and the cash customers transported on JetSmarter flights. If you have a real, deep drive, no matter how much youre knocked down, you can always get your head up, he says of his career. You have this multibillion-dollar industry that was completely analogue, he says. Its not every day that you see a 29-year-old at the helm of a billion-dollar company. [CDATA[ 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. I knew then that I wanted to start companies and tech was the field I wanted to be involved in. His advice to millennials like him who want to create companies is to be bold sooner rather than later. TAGS:AIRPLANEAVIATIONFLYFLYINGJETJET SMARTERLUXURYPRIVATE. I knew I wanted to go in technology, Petrossov says. It projected that membership would grow from 5,839 in 2016 to more than 100,000 in 2019. Sergey Petrossovs solid work ethic and drive to succeed as an entrepreneur has been evident since high school when he founded his first business: a tire rim import/export company for luxury cars. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. The Russian-born Florida resident aims to change the landscape of private aviation by making it more attainable and efficient than ever before. 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. Private jet travel is more accessible than people think. 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. The question was: How was JetSmarter making ANY money off their flights? [28] Adding to its services, the company offered helicopter transfers in select cities. 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. Instead, his focus is on creating a world-class, hospitality-driven experience. JetSmarter, the once high-flying South Florida unicorn, is being acquired. By 2009, Sergey Petrov was the 51st richest businessman in Russia, according to Forbes magazine. Download JetSmarter. One of the most essential aspects that move a business forward is the errors that happen along the way. The shuttles were a big success. ", "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). By this time, however, he no longer practiced business. Your education and upbringing? His success has come from the rising of hard work. After Clearlake and Jeffries' investments, JetSmarter's salespeople were pushed harder to sign up new members and bring in cash. 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. JetSmarters goal is to make private jet travel accessible to the masses, and more than just the privileged .01 percent. He has a clear vision for what flying private should be, and he wont stop there. [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. Education After graduating from high school, Petrossov studied finance at the University of Florida. 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. We have to do that for the traditional private flyer whos not used to sharing an airplane. The hardest thing for a disruptive company is getting people to try it out. 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. The JetSmarter app is available for iOS and Android download in the iTunes store or Google Play store. 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. I went to the University of Florida and studied finance. 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. 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. Business growth largely depends on a combination of innovation and marketing. The hardest thing on the demand side, he says, is to change consumer behavior. Petrossov said that he had added the role of president at the Fort Lauderdale-based companies to his duties as chief executive since Barskys departure. In high school, he attempted to start an import-export business for automobile tire rims. A membership model would give the company both regular revenue and enough customers to set it on the road to going public one day. The company has a trail of angry customers and at least 13 lawsuits. A G4 costs more than $6,000 per hour to fly. 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. 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. He sees his app as not a premium product, but rather as providing value to consumers. [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. Members also have access to free last-minute flights on empty legs. The Russian-born Florida resident aims to change the landscape of private aviation by making it more attainable and efficient than ever before. Jul 10, . CNBC spoke to Sally Horchow, a Los Angeles-based Broadway producer who travels frequently to New York. I fly three or four times a month, usually three domestic flights and one international flight, said Petrossov. (1) *Club domestic league appearances and goals, correct as of 23 April 2023. Sergei Andreyevich Petrov ( Russian: ; born 2 January 1991) is a Russian football player. 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. Elizabeth Holmes set out to revolutionize blood testing with Theranos. If you truly believe in what youre doing, youll get there one way or another., Money Group, LLC 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. 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. But that has raised concerns for some of JetSmarter's customers. JetSmarter aggregates. Americas +1 212 318 2000. By enabling guests to travel to over 170 countries worldwide, JetSmarter is often referred to as a country club in the air.. Most of my career has been spent with the Miami Herald in business news, and my expertise is writing about tech and entrepreneurs. JetSmarter aggregates prices and availability from hundreds of aviation companies and sells flights in a variety of ways. [38], In August 2018, a Los Angeles-based former member of JetSmarter filed a lawsuit seeking at least $2 million in damages from JetSmarter after the company refused to renew his membership. 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 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. Paychecks were delayed four to five weeks. 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 catch-22 was that the more members the company signed up, the faster they burned through their investment money. The buyer of the Lauderdale-based company that provides an Uber-for-jets service is Dubai-based Vista Global, Bloomberg reported this morning. 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. www.vistaglobal.com. Continue with Recommended Cookies, Your email address will not be published. Its unfortunate, but it has nothing to do with the company, Petrossov told FORBES in a telephone interview. 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. In order for JetSmarter to keep flying, it had to keep recruiting active members. You heard it here first. JetSmarter was losing money hand over fist so it went through three investment rounds to raise. 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. // ]]> JetSmarters own Safety Audit Committee analyzes the procedures of all primary operators in the JetSmarter program. 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 company held champagne filled parties in Miami, Los Angeles, and New York to attract rich new members. Sergey and Lolita lived in a $2 million house in a gated community in tony Boca Raton, Florida. 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. We used this funding to expand our JetShuttle offerings and continue to expand globally. We think about three pillars: how you get there, who you meet and where you go. As a renowned principal, Sergey is always finding manners to innovate different industries. Membership swelled to about 10,000. Many customers reported that they had planes entirely to themselves.

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