sergey petrossov net worth

Is the CEO of Turkey's Newest U.S. PR Firm Really Armenian? Its no longer about the brand, marketing and brand association. While attending the University of Florida, he became involved with his first tech start-up, which lit a passion in him. We offer travel experience packages, ranging from experiences with luxury brands like Dom Prignon, to exclusive access to VIP events. 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. It was a challenging way to get here. But forJetSmarterFounder and CEO, Sergey Petrossov, its just another day at the office (or in the skies). He was charged with five counts of grand theft by embezzlement by authorities in Contra Costa, California. In 2006, Sergey co-founded LiveContact, and in 2009 he co-founded a distance-learning solutions company called Federal Systems of Distance Education, which helped give Russian students access to pertinent educational materials. Sergey Petrossov, Advisor, XO Work stopped on Bezos' megamansion as his net worth drops by $57B It turned out that flight wasn't free as promised. In 2009 when I began flying private, I quickly came to realize that the private jet industry was very archaic; its brick-and-mortar process of picking up the phone, waiting hours and speaking to numerous different people in order to charter a jet was outdated and inconvenient. Sergey Petrossov serves as the Chief Executive Officer of JetSmarter. He alleged misleading advertising on social media from Kim Kardashian and Petra Nemcova as well as deceptive sales tactics. Sergey Petrossov launched JetSmarter, the Uber for private jet travel in 2013. Save my name, email, and website in this browser for the next time I comment. My membership meant nothing anymore. In 2016 it started eliminating the free helicopter service as well as catering on the flights. 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. This story was updated throughout the day. 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 company had booths and VIP lounges at yacht shows, art fairs, and other places wealthy people gathered en masse. 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. www.vistaglobal.com. It projected that membership would grow from 5,839 in 2016 to more than 100,000 in 2019. 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. So JetSmarter makes empty seats available via its app to anyone looking to jet quickly to their next destination for a price. Also included for JetSmarter members are complimentary helicopter services, with free transfers to and from New York area airports. 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. Many private jets flying the friendly skies are empty or nearly so. [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". JetSmarter, the once high-flying South Florida unicorn, is being acquired. JetSmarter, founded by CEO Sergey Petrossov, has reached a $1.5 billion valuation following that opposite path. JetSmarter CEO Sergey Petrossov's Sky-High Ambitions That membership goes for $50,000 a year. When it comes to private jets, you think Jay-Z flying for $60,000. 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. Vista said it would maintain JetSmarter's office in Ft. Lauderdale where its digital team was based. This button displays the currently selected search type. The hardest thing on the demand side, he says, is to change consumer behavior. . I fly three or four times a month, usually three domestic flights and one international flight, said Petrossov. Unique services offered by JetSmarter include the option of booking free seats on scheduled shuttle routes or creating shuttles between certain cities, free flights to new destinations daily from members favorite cities and real-time private jet booking with guaranteed availability in more than 170 countries. For Petrossov, his vision is one that goes beyond mere name recognition and service. JetSmarter aggregates prices and availability from hundreds of aviation companies and sells flights in a variety of ways. The company charters them or books space on them from other companies. The company said this would fuel international expansion and add at least 80 more routes to its existing 50 routes. 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. What was your background prior to JetSmarter? He says the company has annual revenues of over $200 million, meaning its top customers probably represent about two-thirds of its revenues. The business news channel also published a letter from JetSmarter's general counsel attempting to quash its investigation. Sergei Petrov - Wikipedia 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 faces lawsuits, losses and security questions - CNBC The world's 12 wealthiest people got richer by $36 billion in a day - and have now gained $264 billion in net worth this year. I agree to Money's Terms of Use and Privacy Notice and consent to the processing of my personal information. Its not every day that you see a 29-year-old at the helm of a billion-dollar company. 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. 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. 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. Asia Pacific +65 6212 1000. Codispoti said by email that he joined JetSmarter as CFO in October. Oh, and he also didn't get the guest pass or any of the other benefits he was promised when he forked over that $97,500 to JetSmarter. Also, the mass affluent are looking for experiences tailored to the lifestyle they want to live. Constant innovation hinges on always anticipating the clients next move and tendencies and catering to them. What are the main differences between JetSmarter and its close competitors? // < ! 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. JetSmarter aggregates. 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. Having visited more than 30 countries, Petrossov named New York City as his favorite travel destination and Hong Kong as the next stop on his list. [39] In the same month, JetSmarter agreed to an undisclosed settlement after a New Jersey coupled filed a lawsuit alleging deceptive sales tactics. Theres no effect on the business., There has, however, also been a management shuffle among the chief financial officers over the past year. He initially resided in California and later moved to Florida, where he continues to live today. 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. In 2004, Petrov stepped down as president of his company to take up politics. 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. Serge y Petrossov is the founder and CEO of JetSmarter Also, today, in the tech age, luxury is transcending past brand to experience. 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. Petrossov knows this, which is why he takes his time to build his professional relationships and the JetSmarter brand. Sergey Petrossov, CEO of JetSmarter | Financial Times This tailored approach seems to be working. Often called " Uber " for private air travel, JetSmarter enables people to book. . Yet more recently, JetSmarter has been plagued by numerous lawsuits, financial issues and negative press, all suggesting the business model wasnt working. (Photo by Gustavo Caballero/Getty Images for DuJour). In fact, it is making money on some flights. 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. 135 following. I believe the future of travel is going to transcend the language of commodity.. JetSmarter was losing money hand over fist so it went through three investment rounds to raise cash. The company was offering him its "sophisticated membership," which included unlimited, free private jet flights with a companion pass. Founder and CEO, JetSmarter Boca Raton, Florida About Sergey Petrossov Sergey wants to change the aviation business by making private flights accessible to the masses. Download JetSmarter. Americas +1 212 318 2000. You can update your choices at any time in your settings. Its not always about price, he said, noting that the company currently has 8,000 members and transports 20,000 people a month. 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. We have raised funding from private sources including the royal family in the Kingdom of Saudi Arabia, A-league executives, music moguls, and more. But its not just about the brand. I knew I wanted to go in technology, Petrossov says. 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. Lots 81-82 Street C The shuttles were a big success. Posts Videos Tagged. Its about personalization and what I call predictive hospitality. Yep, JetSmarter had changed its terms and conditions again. Just hail a private jet", "Interview: How Sergey Petrossov revolutionized private jet business", "The JetSmarter App Puts Air Travel at Your Fingertips", "JetSmarter puts a jet in your pocket, and is happy to see you", https://privatejetcardcomparisons.com/2018/09/08/jetsmarter-flight-diverted-after-threats-from-a-passenger/, https://www.miamiherald.com/news/business/article229059544.html, "Meet the private-jet startup backed by Jay Z and the Saudi royal family", "An 'Uber for private jets' startup just raised $20 million from Jay Z and the Saudi Royal Family", "With $20M In The Bank, JetSmarter Is Building The Uber Of The Skies", "Private-Jet Booking App Lands $105 Million in Funding", "JetSmarter Raises $105 Million for Uber-Like Services in the Sky", "Jay Z-backed private jet firm JetSmarter raises $105 million at $1.5 billion valuation", "Jet Membership Seller JetSmarter Raises An Undisclosed Amount Of Institutional Capital Private Jet Card Comparisons Know Before You Buy", "Lawsuits, layoffs, safety concerns, and now lack of flights cloud JetSmarter's future", "Need a Private Jet in a Pinch? 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. 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. Its no longer about the brand, marketing and brand association. After his first exposure to private jet travel when a fellow business owner took him aboard one, Petrossov noticed surprising inefficiencies. Petrossov knows this and is always trying to think of ways to improve areas that are lacking in technology. Instead, his focus is on creating a world-class, hospitality-driven experience. In fact, they were even cheaper than flying first class on commercial airlines. Sergey Petrossov - Facebook As an entrepreneur, Petrossov focuses heavily on two things: maintaining his professional network and building a trustworthy, relatable brand and story. Much of that experience comes from team members time with NASA, Nokia, Microsoft, Mercedes Benz, BMW, and Uber. In December, it garnered a giant $105 million round of financing that pushed the private companys valuation to $1.5 billion. The main reason I was interested in Torossian's employment as a PR agent for Turkey is that there was a similar situation with Barry Zorthian, who worked from Oct. 1980 to February 1984 for the lobbying firm of Gray and Co., hired . Sergey Petrossov - Board Advisor @ Vista Global - CrunchBase Were still in the early days.. What began as an idea in 2012 has now become the worlds largest private aviation travel and lifestyle community. But that has raised concerns for some of JetSmarter's customers. Thats the most important thing for entrepreneurs. All while avoiding the hassle and headache of airport security screenings. I moved to South Florida when I was 11 or 12. Sergey Petrossov. 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. How Sergey Petrossov, JetSmarter's Founder and CEO, is Revolutionizing She paid $9,000 for an annual membership in early 2015. Your education and upbringing? Sources told the New York Post in February that the startup was in rescue talks., Our vision is to create this travel and lifestyle community and to deliver an end-to-end experience for how you get there, who you meet and where you go, Petrossov said in a 2017 interview with me. 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 planes werent being utilized enough. Our average user visits JetSmarter 12 times daily. 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. [9], In June 2015, JetSmarter announced its new European headquarters in Zurich, Switzerland. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Like Uber, Lyft, and AirBnb, who don't own the cars or properties they peddle, JetSmarter does not own the planes. Sergey Petrossov: Founder, Chairman & CEO of JetSmarter Additionally, JetSmarter partners exclusively with operators that carry a Wyvern Wingman or ARG/US Gold or Platinum safety rating, viewable in the app along with each aircrafts liability insurance. 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. What was your vision for the mobile app? 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. For the record, JetSmarter's membership agreement states that the company can "change, suspend, or terminate" services or benefits at any time. With investors that include the Saudi royal family and Jay-Z , JetSmarter is valued at $1.5 billion. JetSmarters goal is not only to make it easier for people to fly in luxury. JetSmarter, once a high-flying unicorn, is being acquired Our goal is to one day make all air travel private. And, if they want, they can book a fully private flight, which comes with a higher cost. EMEA +44 20 7330 7500. Consumers are turned off by processes that make it difficult for them to accomplish their goals. I knew then that I wanted to start companies and tech was the field I wanted to be involved in. You have this multibillion-dollar industry that was completely analogue, he says. View the profiles of professionals named "Sergey Petrossov" on LinkedIn. The salespeople offered special deals, incentives, and other tactics in what can only be called a "money grab.". VUE caught up with Petrossov to learn more about his journey, the future of the industry and perhaps a tip or two on how to turn a simple vision into a billion-dollar reality. All Rights Reserved. JetSmarter was losing about $22,000 on a shuttle flight between Los Angeles and New York. Take as much risk as you can when youre young. Business growth largely depends on a combination of innovation and marketing. Required fields are marked *. 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. CNBC spoke to Sally Horchow, a Los Angeles-based Broadway producer who travels frequently to New York. Petrossov was shocked at how out-dated the entire booking processes seemed, and he figured that the whole experience could be streamlined via technology. In early 2016, it launched flights within Europe. How did the journey with JetSmarter begin? How Much Would You Pay To Have Unlimited Flights Around The World Forever. We used this funding to expand our JetShuttle offerings and continue to expand globally. Should the arrest of a former top executive on unrelated charges and the shifting of CFOs raise questions about the business? 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. Even if that cost is divided by eight to 10 passengers, JetSmarter was losing money. How it all began for the 29-year-old JetSmarter founder, and his take on the future of private aviation. Membership swelled to about 10,000. His advice to millennials like him who want to create companies is to be bold sooner rather than later. Petrossov was motivated to create companies in his teens Its unfortunate, but it has nothing to do with the company, Petrossov told FORBES in a telephone interview. Russia. I knew then that I wanted to start companies and tech was the field I wanted to be involved in. Sergey Petrossov Net Worth - Phone Number, House Address, Wiki 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. Over the years, JetSmarter has attracted investments from Jay-Z, the Saudi Royal family, and execs from Twitter and Goldman Sachs. It's 30-year-old founder is scrambling to explain himself. The JetSmarter app is available for iOS and Android download in the iTunes store or Google Play store. JetSmarter makes private air travel accessible through a mobile app that seamlessly connects travelers to private jets at competitive fares around the world. Last year website The Verge wrote a long article detailing anonymous complaints the company faced after changing up the services it offered. Sergey wants to change the aviation business by making private flights accessible to the masses. Save time and get . 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. He filed a lawsuit against JetSmarter and its salesperson. 2023 Forbes Media LLC. [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. I was born in Moscow, I moved to the U.S. when I was four, and Ive lived between California and Colorado and South Florida. Whats your marketing strategy? Many companies featured on Money advertise with us. If a friend says JetSmarter is the best, the trust factor goes up. The problem is, he was the key person dealing with the company's investors. The 12 wealthiest people on the planet grew $36 . His goal has always been to have in own company and while still in college, he . 10.5K followers. When youre young, those are the years you can take the most risks. Most of my career has been spent with the Miami Herald in business news, and my expertise is writing about tech and entrepreneurs. Kim Kardashian, Emily Ratajkowski and David Ortiz were paid to be brand ambassadors. A year later, JetSmarter needed more cash. Remember! As Galvez told CNBC: "My heart dropped. Where and how did you raise capital for the company? Education After graduating from high school, Petrossov studied finance at the University of Florida. What was your vision? Sergey Petrov - Player profile 22/23 | Transfermarkt 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. As they grew, JetSmarter began offering own shuttle services it would charter a plane on a popular route and fill it with JetSmarter members. Sergey Petrossov. 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. Still, despite JetSmarter's aggressive legal bullying, a number of former members have joined a class action lawsuit against the company. By 2009, Sergey Petrov was the 51st richest businessman in Russia, according to Forbes magazine. A membership model would give the company both regular revenue and enough customers to set it on the road to going public one day. After the Paola flight, the federal agency is looking into whether the startup is following rules governing commercial versus private aviation flights. With the price point and appeal of the luxury experience, the private aviation industry will grow enormously. The Russian-born Florida resident aims to change the landscape of private aviation by making it more attainable and efficient than ever before. 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. It is expected to close in the second quarter. Its been a wild few months for Sergey Petrossov, the 28-year-old founder and CEO of JetSmarter, which hopes to be the Uber of private jet service and has gained high-profile investors like the Saudi Royal Family and Jay Z. While many 20-somethings stick it out paying their dues in corporate jobs, Petrossov has enthusiastically moved from one uncertain endeavor to another. 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. What began as an idea in 2012 has now become the worlds largest private aviation travel and lifestyle community. Year: Net Worth: 2019: $19 Million : 2020: $19.5 Million: 2021: Follow @ndahlberg on Twitter and email ndahlbergbiz@gmail.com. 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 Jetsmarter, The Uber For Private Jets Is Facing Lawsuits And Some of our partners may process your data as a part of their legitimate business interest without asking for consent. Sergey is most known for founding JetSmarter. The question was: How was JetSmarter making ANY money off their flights? When they asked for refunds, JetSmarter told them to read the legal disclosures in their membership agreements that said the company could "change, suspend, or terminate any of the services or benefits at any time."

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