Jay-Z, Saudi Royalty Back Private Jet Phone App

29-year-old Sergey Petrossov, who has developed an app called JetSmarter that aspires to be the Uber of private jets for the rich, has secured funding from Jay-Z and a member of Saudi Arabian royalty in order to help fund the venture. JetSmarter allegedly has about $1 billion behind it.

“Our goal is to take massive market share against commercial airlines, specifically business and first class, especially for routes under five hours,” said Petrossov.

To read more on this story, go to CNBC.

[Photo: Shutterstock]