sergey petrossov net worth

He came up with the idea in 2008, when he graduated from the University of Florida. Primary Menu Sections. Learn more about how we make money. Instead, his focus is on creating a world-class, hospitality-driven experience. Thank you for subscribing to Elite Traveler. Get the latest sergey petrossov news, articles, videos and photos on the New York Post. The company had booths and VIP lounges at yacht shows, art fairs, and other places wealthy people gathered en masse. Have news? I am a writer and editor with extensive media experience and a passion for journalism and serving the community. 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. We spend a lot of time asking members to spread the word. [29], In May 2018, JetSmarter announced it would have a fleet of 20 JetSmarter branded aircraft by the end of the year. It was highly inefficient. It turned out that flight wasn't free as promised. 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. Charter a flight with the tap of an app - Sun Sentinel [35] The company also partnered with Jet Edge and Air Hamburg to cater to its global community of private jet fliers. Year: Net Worth: 2019: $19 Million : 2020: $19.5 Million: 2021: He put its revenue in the hundreds of millions, which he hops to double in the next two years. In February of 2017, the companys president Edward Barsky resigned after he was arrested on charges of grand theft, although Petrossov said the incident was not related to his work for JetSmarter. Petrossov's biggest success to date, however . Steven Kreit, a partner at accounting firm EisnerAmper who is in charge of its New York commercial audit and assurance practice, said they should, especially at a unicorn-sized company. It is a misconception that privatization is for the wealthiest one percent. 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. 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. 4 "Sergey Petrossov" profiles | LinkedIn 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. Where and how did you raise capital for the company? Now people from all walks of life have started evaluating his merits. I wasnt the founder but since I got involved early they called me a co-founder. Similar to advertising, if a company or executive are shown in a negative light, the product they are selling will likely suffer. How Much Would You Pay To Have Unlimited Flights Around The World Forever. Paychecks were delayed four to five weeks. Empty-leg flight deals, or repositioning flights. Membership swelled to about 10,000. And, if they want, they can book a fully private flight, which comes with a higher cost. The planes werent being utilized enough. Should the arrest of a former top executive on unrelated charges and the shifting of CFOs raise questions about the business? But that has raised concerns for some of JetSmarter's customers. JetSmarter has essentially redefined the entire industry with one, clear mission: to reimagine aviation as it was meant to be. How To Remove Items From Your Credit Report, How To Boost Your Credit Card Approval Odds, Best Pet Insurance Companies of April 2023, Drivers May Soon Get More Money Back From Car Insurance Companies, Non-Fungible Frenzy: Why NFTs Are Suddenly Everywhere. JetSmarter told Galvez that if he bought it now, he could get three years for $97,500. A few weeks later, Galvez tried to book a JetSmarter flight. 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. Your email address will not be published. Sergey and Lolita lived in a $2 million house in a gated community in tony Boca Raton, Florida. The question was: How was JetSmarter making ANY money off their flights? Contact me at ndahlbergbiz@gmail.com. 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. LinkedIn and 3rd parties use essential and non-essential cookies to provide, secure, analyze and improve our Services, and (except on the iOS app) to show you relevant ads (including professional and job ads) on and off LinkedIn. In March 2013, JetSmarter launched globally. He is always looking for ways to streamline processes and use technology to make something better and easier, which he has succeeded at doing with JetSmarter. Meet the CEO of JetSmarter, the Uber of Private Jets | Money 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.. With investors that include the Saudi royal family and Jay-Z , JetSmarter is valued at $1.5 billion. 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. Its not every day that you see a 29-year-old at the helm of a billion-dollar company. We have raised funding from private sources including the royal family in the Kingdom of Saudi Arabia, A-league executives, music moguls, and more. His goal has always been to have in own company and while still in college, he . Some flights have security dogs inspecting bags, but many have no security checks at all. 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. The idea was so simple it seemed impossible that someone hadn't thought about it before. 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. JetSmarter was losing money hand over fist so it went through three investment rounds to raise. JetSmarters goal is also to utilize those passenger-free flight hours and fill them. Its like a country club that follows you around, Petrossov said. The aircraft would be managed and operated by JetEdge, a Part 135 operator. Im taking on a little extra responsibility, he said. 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. JetSmarter is not taking the criticism from customers and former employees lying down. The letter accused CNBC of "tortuously interfering with JetSmarter's contractual relationships.". 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. 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. Instead it acts as a middleman between private jets and passengers looking for seats. Be the first to know about the latest in luxury lifestyle news and travel. 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. But guess what happened when she and other new sophisticated members tried to book flights? He alleged misleading advertising on social media from Kim Kardashian and Petra Nemcova as well as deceptive sales tactics. 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. The company had no comment on The Verge reporting or Barsky's exit for this story. Sergey Petrossov serves as the Chief Executive Officer of JetSmarter. [1] The app connected users to available aircraft and routes in the United States, Europe and Middle East. 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. [15], On June 27, 2019, Vista Global announced it had combined JetSmarter with its XOJET subsidiary rebranding the combined entity as XO, powered by JetSmarter technology. In March 2013, JetSmarter launched globally. Connect with Sergey Petrossov: Twitter | Facebook | LinkedIn | Instagram | YouTube, A weekly download of the latest product launches, technology news, innovations in medicine, and more, about 70 percent of all private jets were empty. 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. More importantly, without trial and error, there is no innovation and, ultimately, no advancement or progress. From 2007 to 2015, he served as a State Duma deputy from "Just Russia" (though he never actually joined the . [7][8] In August 2012, the beta version was launched and tested among a closed group of private aviation users. His brother was also an employee. In 2004, Petrov stepped down as president of his company to take up politics. He is a Forbes-ranked billionaire, with an estimated net worth of $2.3 billion. If you enjoy our content, support us by becoming a paid subscriber. JetSmarter, once a high-flying unicorn, is being acquired Our goal is to one day make all air travel private. JetSmarter aggregates. With the price point and appeal of the luxury experience, the private aviation industry will grow enormously. Members are able to book private jets in a matter of minutes, right from the palm of their hand. It supported chat for audio and video for website customer service. If it is found in violation, JetSmarter could be levied with large fines or possibly even shutdown. Petrossov knows this and is always trying to think of ways to improve areas that are lacking in technology. There are approximately 22,000 private flights every single day in the United States, and one-third of them are empty. After Clearlake and Jeffries' investments, JetSmarter's salespeople were pushed harder to sign up new members and bring in cash. Constant innovation hinges on always anticipating the clients next move and tendencies and catering to them. Petrossov loves to fly and has traveled all over the world. What began as an idea in 2012 has now become the worlds largest private aviation travel and lifestyle community. Noting that this was the only travel and transportation market that had not gone digital, Petrossov had his A-ha! moment. The aim of the mobile app is to make travel fun, easy and convenient for our members. 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. In order for JetSmarter to keep flying, it had to keep recruiting active members. [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. It projected that membership would grow from 5,839 in 2016 to more than 100,000 in 2019. He was also a board advisor to a private jet operator with the worlds largest on-demand Gulfstream charter fleet. 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. Jul 10, . In December, it garnered a giant $105 million round of financing that pushed the private companys valuation to $1.5 billion. However, one constant is that he is always looking for ways to optimize the product through innovation, anticipating how his clients needs will evolve and how to address them quickly and effectively. Sergey Petrossov, Advisor, XO 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. What was your vision? As a renowned principal, Sergey is always finding manners to innovate different industries. 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. https://money.com/jetsmarter-uber-private-jets-ceo/. While attending the University of Florida, he became involved with his first tech start-up, which lit a passion in him. 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.

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