Founded

2018

Headquarters

Las Vegas

Key People

George Murnane, CEO; Michael Winston, chairman

Number of Employees

10

Phone Number

(800) 602-5678

Website

Jet Token

Jet Token

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 called The 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.