Aviation group Vista Global agreed yesterday to acquire JetSmarter, the US-based private flight subscription service backed by private aviation company JetEdge, in an all-share deal of undisclosed size.
Founded in 2012, JetSmarter operates a mobile app that enables users to browse and book seats on private aircraft.
Customers create a custom charter flight using the platform, by selecting the aircraft on which they want to fly as well as the time, route and number of seats they want, and have the option to book all the seats to make it a fully private journey.
The company’s booking technology will be integrated into the back-end technology of Vista Global’s VistaJet, Vista Lease and XOjet brands post-acquisition.
Thomas Flohr, founder and chairman of Vista Global, said: “Following the acquisition, JetSmarter’s customers will benefit from the reach, resources and operational expertise of Vista Global group. Its growing customer base will have access to a wider fleet, wherever they are in the world, and enjoy the highest standards in private aviation as they join the Vista Global family.”
JetEdge participated in a $105m series C round for JetSmarter in 2016, investing alongside KZ Capital, performer and entrepreneur Shawn ‘Jay-Z’ Carter and undisclosed Middle Eastern equity funds and individual investors at a $1.5bn pre-money valuation.
JetSmarter subsequently secured an undisclosed amount from investment firm Clearlake Capital Group and investment holding company Leucadia National Corporation in August 2017, .
The company had previously raised $20m in a series B round backed by the Saudi Royal Family and several private investors in 2015, but has not disclosed details of any earlier funding rounds.