Jay Z continues to expand his business portfolio, investing in a company called JetSmarter.
Referred to as the “Uber for private jets”, JetSmarter has reportedly raised $105 million in C Series funding at a pre-money valuation of $1.5 billion, according to TechCrunch.
Sergey Petrossov, the startup’s founder and CEO, said the massive funding round will be used primarily for global expansion of JetSmarter in Asia and Latin America, while increasing the number of routes and flights available to members in the U.S.
For those unfamiliar with JetSmarter, members can join for an annual fee of $15,000, after passing a “light background check”, according to TechCrunch. From there, members then can book a seat on a selection of flights for “free”, while companion tickets are available at a cost. Members can also charter whole planes at a cost, as well.
Currently, JetSmarter offers flights in 50 markets around the world, including New York, Chicago, Fort Lauderdale, Las Vegas, Atlanta, London, Paris, Moscow, Dubai, Milan and other business and leisure travel hubs.
Petrossov said he wants to expand to be available in 80 to 100 markets by the end of 2017.
Jay Z was an early investor in JetSmarter, and increased his investment in the new round of funding.