JetSmarter raises its first round of institutional capital

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Private jet chartering startup JetSmarter Inc. has raised a fresh round of capital led by a California firm. Financial terms were not disclosed.

Fort Lauderdale-based JetSmarter connects users of its online platform with empty seats on private jets. Today, JetSmarter serves about 10,000 members who pay annual fees to reserve seats on scheduled flights across the United States, Europe and the Middle East. The company is reportedly valued at $1.5 billion, thanks to capital invested by rapper Jay Z and the Saudi royal family.

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