sergey petrossov net worth

[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. 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. 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. JetSmarter, the once high-flying South Florida unicorn, is being acquired. Other have filed consumer fraud lawsuits against JetSmarter, with many seeking seven figure damages. I went to the University of Florida and studied finance. In season, helicopter shuttles to the Hamptons from Manhattan are available as well. Have news? TAGS:AIRPLANEAVIATIONFLYFLYINGJETJET SMARTERLUXURYPRIVATE. He was also a board advisor to a private jet operator with the worlds largest on-demand Gulfstream charter fleet. The added costs of the flights made it too expensive for him. JetSmarter is headquartered in Fort Lauderdale, Florida, and maintains offices in Zurich, Moscow, London, Riyadh, and Dubai. How do you source your planes, staff and pilots? I fly three or four times a month, usually three domestic flights and one international flight, said Petrossov. Clearlake Capital and Jeffries Capital finally made an investment in JetSmarter rumored to be around $75 million for one third of the company. We used this funding to expand our JetShuttle offerings and continue to expand globally. Sergey Petrossov. That means a one way trip from New York to Los Angeles would cost more than $30,000. We have raised funding from private sources including the royal family in the Kingdom of Saudi Arabia, A-league executives, music moguls, and more. 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. Codispoti said by email that he joined JetSmarter as CFO in October. Author Recent Posts Follow me Nancy Dahlberg He has a clear vision for what flying private should be, and he wont stop there. What was your vision for the mobile app? 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. For the record, JetSmarter's membership agreement states that the company can "change, suspend, or terminate" services or benefits at any time. JetSmarter aggregates prices and availability from hundreds of aviation companies and sells flights in a variety of ways. It supported chat for audio and video for website customer service. 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. 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. Its unfortunate, but it has nothing to do with the company, Petrossov told FORBES in a telephone interview. He alleged misleading advertising on social media from Kim Kardashian and Petra Nemcova as well as deceptive sales tactics. [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. Take as much risk as you can when youre young. 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. [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. By this time, however, he no longer practiced business. The question was: How was JetSmarter making ANY money off their flights? Sergey Petrossov and JetSmarter are Changing the Way We Fly EMEA +44 20 7330 7500. It couldn't even meet payroll. He initially resided in California and later moved to Florida, where he continues to live today. But for JetSmarter Founder and CEO, Sergey Petrossov, its just another day at the office (or in the skies). Our goal is to one day make all air travel private. By enabling guests to travel to over 170 countries worldwide, JetSmarter is often referred to as a country club in the air.. For more information, read, How to Switch Careers Even if You Think It's Impossible, Your Resume Probably Needs a Pandemic Makeover. The problem is, he was the key person dealing with the company's investors. With investors that include the Saudi royal family and Jay-Z , JetSmarter is valued at $1.5 billion. 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. For many domestic flights I use our companys private jet offerings.. 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. Jet Life: Sergey Petrossov - VUE magazine [31][32] When it comes to private jets, you think Jay-Z flying for $60,000. What began as an idea in 2012 has now become the world's largest private aviation travel and lifestyle community. CNBC spoke to Sally Horchow, a Los Angeles-based Broadway producer who travels frequently to New York. 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. Sergey Petrossov, entrepreneur | World Biographical Encyclopedia - Prabook I am a writer and editor with extensive media experience and a passion for journalism and serving the community. Just go do it, he says. And down the road, we want to own premium business travel in the United States, he says. 2023 Forbes Media LLC. Petrossov says about 1,000 of its members representing the top 10% of its customers spend an average of $140,000 per year. Learn more about how we make money. I knew then that I wanted to start companies and tech was the field I wanted to be involved in. The buyer of the Lauderdale-based company that provides an Uber-for-jets service is Dubai-based Vista Global, Bloomberg reported this morning. JetSmarter aggregates prices and availability from hundreds of aviation companies and sells flights in a variety of ways. 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. [7][8] In August 2012, the beta version was launched and tested among a closed group of private aviation users. Where and how did you raise capital for the company? Like Uber, Lyft, and AirBnb, who don't own the cars or properties they peddle, JetSmarter does not own the planes. Our average user visits JetSmarter 12 times daily. JetSmarters goal is to make private jet travel accessible to the masses, and more than just the privileged .01 percent. Should the arrest of a former top executive on unrelated charges and the shifting of CFOs raise questions about the business? We have to boil that down to them.. I moved to South Florida when I was 11 or 12. 7 calle 1, Suite 204 There are 4 professionals named "Sergey Petrossov", who use LinkedIn to exchange information, ideas, and opportunities. Sergei Petrov - Wikipedia From 2007 to 2015, he served as a State Duma deputy from "Just Russia" (though he never actually joined the . What are JetSmarters expansion plans for the future? She paid $9,000 for an annual membership in early 2015. 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. About a year ago, Leonardo Galvez received an offer from JetSmarter that was too good to pass up. The business news channel also published a letter from JetSmarter's general counsel attempting to quash its investigation. The report included a video of a JetSmarter flight that was diverted by a passenger making terroristic threats.[41]. He says the company has annual revenues of over $200 million, meaning its top customers probably represent about two-thirds of its revenues. Without trial, there is no error, and without error, there is no improvement. He alleged misleading advertising on social media from Kim Kardashian and Petra Nemcova as well as deceptive sales tactics. Petrossov knows this, which is why he takes his time to build his professional relationships and the JetSmarter brand. In the Forbes report, Vista Chairman Thomas Flohr described the deal as primarily an equity swap. 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. [CDATA[ brightcove.createExperiences(); 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 used this funding to expand our JetShuttle offerings and continue to expand globally. While attending the University of Florida, he became involved with his first tech start-up, which lit a passion in him. And so JetSmarter came to be, though not easily. Business growth largely depends on a combination of innovation and marketing. If a friend says JetSmarter is the best, the trust factor goes up. You have this multibillion-dollar industry that was completely analogue, he says. Galvez isn't the only JetSmarter customer with a grievance. When he was a student at the University of Florida, he got exposed to computer science and joined a startup for live chatting. Try This App", "Empty Leg Flights Make Private Jet Travel More Affordable", "JetSmarter brings app-based private charter service in Chicago", "These Two Aviation Companies Are Redefining Private Jet Travel", "EXCLUSIVE: JetSmarter's evolution is bringing branded airplanes, aircraft management, new single seat, empty leg and charter pricing, plus a new COO", "JetSmarter partners with GlobeAir enabling international expansion", "Charter a flight with the tap of an app", "Pernod Ricard and JetSmarter Announce One-Of-A-Kind Partnership", "Vertis Inks ME Partnership with JetSmarter", "SportStar Relocation Announces Partnership with JetSmarter", "The Fastest-Growing Private Jet Company In The World", "JetSmarter Tries to Extort Journalists for Positive Coverage", "This Startup Made Journalists Agree To Write Positive Reviews Or Pay Them $2,000", "Kim Kardashian and Petra Nemcova are part of a new $2 million lawsuit against JetSmarter", "UPDATED (Second Update): JetSmarter lawsuit referred to arbitration. Barsky had been the companys CFO before being promoted to president in January 2016, and his replacement as CFO, Joey Epstein, stayed just 10 months, before departing in October, according to his LinkedIn profile. Airplanes could fly five to seven times more if they were efficiently run, he said. Sergey Petrov - Player profile 22/23 | Transfermarkt We offer travel experience packages, ranging from experiences with luxury brands like Dom Prignon, to exclusive access to VIP events. This is just a sample. [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. It's 30-year-old founder is scrambling to explain himself. 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. We spend a lot of time asking members to spread the word. The hardest thing for a disruptive company is getting people to try it out. He put its revenue in the hundreds of millions, which he hops to double in the next two years. Guaynabo, PR 00968, By clicking "Continue" I agree to receive newsletters and promotions from Money and its partners. In early 2016, it launched flights within Europe. But guess what happened when she and other new sophisticated members tried to book flights? The startup recently announced it had raised $20 million in funding from the Saudi royal family and celebrities such as Jay-Z. A few friends had introduced him to private jets, and he started asking questions, as he puts it, about how the heck this industry was run. His big idea was to apply the Uber model to private jets, which spent too much time grounded or flying empty. Sergey Petrossov is a successful businessman and entrepreneur. 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. Galvez is no longer using his $97,500 JetSmarter membership. Theres no effect on the business., There has, however, also been a management shuffle among the chief financial officers over the past year. More importantly, without trial and error, there is no innovation and, ultimately, no advancement or progress. In reality, the company was losing millions of dollars a month and not delivering on promises to customers and investors. Noting that this was the only travel and transportation market that had not gone digital, Petrossov had his A-ha! moment. Experienced Entrepreneur. Petrossov has not responded to my request for an interview. When I was 18, I wasnt really into college that much I was more interested in getting out of college and I got involved with my first startup. Many customers reported that they had planes entirely to themselves. 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. Before launching JetSmarter, Petrossov, who was named as one of Forbes 30-under-30 and one of South Floridas Top Working Professionals, co-founded two IT projects: an online chat system for website customer service and a distance-learning platform for Russian-speaking educational institutions. The letter accused CNBC of "tortuously interfering with JetSmarter's contractual relationships.". 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. (Photo by Gustavo Caballero/Getty Images for DuJour). Your education and upbringing? There was no digital form in accessing it. Sergey Petrossov. [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. In high school, he attempted to start an import-export business for automobile tire rims. The JetSmarter app is available for iOS and Android download in the iTunes store or Google Play store. Sergey Petrossov serves as the Chief Executive Officer of JetSmarter. 10.5K followers. Sergey Brin - Forbes To join JetSmarter costs $15,000 a year to gain access, Petrossov said, and members then pay for the flights or other services. 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. For more information visit: www.jetsmarter.com. But the app still requires convincing. [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. 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. [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". In 2016 it started eliminating the free helicopter service as well as catering on the flights. This story was updated throughout the day. Not just by the luxury but by how complicated and archaic the process of booking it could be. As part of the Vista Global transaction, all JetSmarter investors, including Clearlake Capital and Jefferies Financial, will become investors in Vista Global. Posts Videos Tagged. Yet more recently, JetSmarter has been plagued by numerous lawsuits, financial issues and negative press, all suggesting the business model wasnt working. 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. Hes had that spirit, he says, since his teens. I believe the future of travel is going to transcend the language of commodity.. Petrossov was shocked at how out-dated the entire booking processes seemed, and he figured that the whole experience could be streamlined via technology. Our average user visits JetSmarter 12 times daily. JetSmarter set out to revolutionize jet travel. He is a Forbes-ranked billionaire, with an estimated net worth of $2.3 billion. Its not always about price, he said, noting that the company currently has 8,000 members and transports 20,000 people a month. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. Kim Kardashian, Kanye West, and DJ Khaled are customers of JetSmarter. The company held champagne filled parties in Miami, Los Angeles, and New York to attract rich new members. Sergey Petrossov is a serial entrepreneur and successful businessman. The membership agreements customers signed barred them from making any negative comments about the company or its executives in any way something that is very unusual in the aviation industry. Ultimately, JetSmarter allows those with a lower net worth the ability to book private flights. Whats your marketing strategy? Asia Pacific +65 6212 1000. 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.. He came up with the idea in 2008, when he graduated from the University of Florida. After Clearlake and Jeffries' investments, JetSmarter's salespeople were pushed harder to sign up new members and bring in cash. 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. Sergey Petrossov Net Worth - Phone Number, House Address, Wiki Basically, they are bullying anyone critical of the company. Kim Kardashian, Emily Ratajkowski and David Ortiz were paid to be brand ambassadors. https://money.com/jetsmarter-uber-private-jets-ceo/. People are becoming more and more interested in Sergey Petrossov because of how much money he makes. The company was offering him its "sophisticated membership," which included unlimited, free private jet flights with a companion pass. Members are able to book private jets in a matter of minutes, right from the palm of their hand. Consumers are turned off by processes that make it difficult for them to accomplish their goals. Youd have only two to three people on an average airplane. [39] In the same month, JetSmarter agreed to an undisclosed settlement after a New Jersey coupled filed a lawsuit alleging deceptive sales tactics. 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. Instead it acts as a middleman between private jets and passengers looking for seats. . JetSmarters goal is also to utilize those passenger-free flight hours and fill them. What's next? The company had no comment on The Verge reporting or Barsky's exit for this story. Their lawsuit included a text message from a JetSmarter sales representative promising free flights they allege were never provided. At other times, a company representative would tell customers that their hands were tied because the changes had been mandated by the company's investors. 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.. 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. Were still in the early days.. JetSmarter CEO Sergey Petrossov's Sky-High Ambitions Even if that cost is divided by eight to 10 passengers, JetSmarter was losing money. As Galvez told CNBC: "My heart dropped. 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. 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. They were doing this stuff back in 2005, 2006. Membership swelled to about 10,000. [39] It was also investing a ton of money on marketing and events. Ultimately, JetSmarter allows those with a lower net worth the ability to book private flights. According to former employees, in 2016 and 2017, JetSmarter was losing $5 million a month. Sergey and Lolita lived in a $2 million house in a gated community in tony Boca Raton, Florida. This story was updated throughout the day. The plane made an emergency landing in Nebraska and Paola was removed from the plane and arrested. . 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. However, if the person behind the product, and the product itself, has a relatable story and shows potential customers that it offers value, the likelihood of success is higher. The first beta version of the app was released in August 2012 to a closed group of private jet travelers. Marketing has long been atop the list of priorities for successful companies, and thats even truer now given the digital landscape JetSmarter exists in, which is full of advertising channels and opportunities to connect directly with the consumer base. Members also have access to free last-minute flights on empty legs. Sergey Petrossov - Board Advisor @ Vista Global - CrunchBase 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. Select Accept to consent or Reject to decline non-essential cookies for this use. You heard it here first. 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. Last year website The Verge wrote a long article detailing anonymous complaints the company faced after changing up the services it offered. If a friend says JetSmarter is the best, the trust factor goes up. What was your vision for the mobile app? In other media reports, Vista Global indicated it planned to keep on JetSmarters tech employees based in the companys downtown Fort Lauderdale headquarters, and may even increase employment. 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. 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. JetSmarters goal is to make private jet travel accessible to the masses, and more than just the privileged .01 percent. JetSmarter is not taking the criticism from customers and former employees lying down. 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.

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