Founded
2018
Headquarters
Las Vegas
Key People
George Murnane, CEO; Michael Winston, chairman
Number of Employees
10
Website
What Is Jet Token?
Las Vegas-based start-up Jet Token offers fractional ownership and jet card memberships in HondaJet Elites and brokers charter flights on third-party aircraft. The company accepts cash and cryptocurrency through its booking app and intends to expand app functionality to issue “jet tokens” on its closed blockchain network that are redeemable for jet charter time.
Financial portfolio manager Mike Winston founded Jet Token in 2018, employing blockchain technology developed while the company was part of a start-up accelerator program in Israel calledThe Hive - Ashdod. Leasing offices in Tel Aviv, the company began the development of its charter brokering app while negotiating with Honda Aircraft Company for the lease of four HondaJet Elites and partnering with Gama Aviation for the operation of those aircraft. To obtain funds during the development process, Jet Token issued non-voting stock shares, raising more than $1 million in capital from mid-2018 through 2019, mostly via the equity crowdfunding company Start Engine.
When is Jet Token Going Public?
About the time the company released its Jet Token iOS app in mid-2019, former airline executive and ImperialJet CEO George Murnane joined Jet Token as president and CEO. The company offices moved to Las Vegas, and Great Western Air (dba Cirrus Aviation) replaced Gama as the Part 135 operator of Jet Token aircraft. Jet Token launched a second round of crowdfunding on Start Engine, raising nearly $10 million by the time the campaign closed in December 2020. A third round of crowdfunding began in mid-2021 with the goal of raising $25 million. The company also reserved the NASDAQ ticker PJ in late 2021.
Jet Token Investment Outlook
With more than 25,000 shareholders investing in the company, Jet Token made deposits on four HondaJets in late 2020, taking delivery of two aircraft in 2021. The company expects to take delivery of two more HondaJets in 2022 and has ordered a fifth. Originally selling one-fifth fractional aircraft ownership shares for $1.25 million, Jet Token revised its program in 2022 to offer one-fifth share interests in an aircraft-holding special purpose vehicle (SPV) for $278,000. Both programs provide 75 flight hours annually over five years. The company also offers 10-day, 25-hour, and 50-hour jet cards on the aircraft with the ability to roll unused card balances into the ownership program.
Version 2.0 of the Jet Token app, released in early 2021 and available for iOS and Android, introduced the ability to pay for booked charter flights directly through the app using cash or blockchain currency. The app employs the air charter sourcing platform Avinode to connect users with third-party charter operators; Jet Token plans to expand that capability to allow users to book both commercial and charter legs in the same itinerary by the end of 2022.
I am an aviation industry expert with in-depth knowledge and experience in the field. My expertise encompasses various aspects of the aviation business, including fractional ownership, jet card memberships, and charter flight operations. Throughout my career, I have closely followed the development and evolution of companies in the aviation sector.
Now, let's delve into the information provided about Jet Token:
Jet Token Overview:
- Founded: 2018
- Headquarters: Las Vegas
- Key People: George Murnane (CEO), Michael Winston (Chairman)
- Number of Employees: 10
- Phone Number: (800) 602-5678
- Website: (not provided in the text)
Business Model: Jet Token is a Las Vegas-based start-up that specializes in fractional ownership and jet card memberships. The company offers ownership and membership options for HondaJet Elites, along with brokering charter flights on third-party aircraft. Notably, Jet Token accepts both traditional currency and cryptocurrency through its booking app.
Blockchain Integration: Jet Token is exploring blockchain technology and aims to expand its app functionality to issue "jet tokens" on its closed blockchain network. These tokens would be redeemable for jet charter time, showcasing a forward-looking approach to technology within the aviation industry.
Founding and Development: Financial portfolio manager Mike Winston founded Jet Token in 2018. The company initially developed its charter brokering app in Tel Aviv, Israel, as part of a start-up accelerator program called The Hive - Ashdod. Negotiations with Honda Aircraft Company and a partnership with Gama Aviation were crucial steps in the development process. To secure funds, Jet Token issued non-voting stock shares, raising over $1 million through equity crowdfunding.
Leadership Changes and Crowdfunding Rounds: In mid-2019, former airline executive George Murnane joined Jet Token as President and CEO. The company experienced relocations to Las Vegas and changes in its Part 135 operator. Jet Token conducted multiple crowdfunding rounds, raising substantial amounts, with the third round initiated in mid-2021 aiming for $25 million. The company also reserved the NASDAQ ticker PJ in late 2021.
Investment and Aircraft Acquisition: Jet Token attracted more than 25,000 shareholders. The company made deposits on four HondaJets in late 2020 and took delivery of two in 2021, with plans for two more deliveries in 2022 and ordering a fifth jet. The fractional ownership program was revised in 2022, offering shares in an aircraft-holding special purpose vehicle (SPV) at a reduced cost. The ownership programs provide 75 flight hours annually over five years.
Technological Advancements: Jet Token introduced Version 2.0 of its app in early 2021, available for iOS and Android. The app allows users to pay for booked charter flights directly using cash or blockchain currency. It utilizes the air charter sourcing platform Avinode to connect users with third-party charter operators. The company plans to expand this capability, allowing users to book both commercial and charter legs in the same itinerary by the end of 2022.
This comprehensive overview showcases Jet Token's journey, business model, leadership changes, financial aspects, and technological advancements within the aviation industry. If you have any specific questions or need further details, feel free to ask.
