BlackJet, an on-demand private jet service created by Uber co-founder and chairman Garrett Camp, today informed members it's “abruptly” ceasing operations.
The Florida-based company was launched in 2012, with the financial backing of venture capital firms (including First Round Capital and CrunchFund), tech executives (including Mark Benioff and Matt Mullenweg) and celebrities (including Ashton Kutcher, Jay-Z, and Will Smith).
The idea was basically to be Uber for the jet-set, eventually settling into a membership model whereby people paid an annual fee in exchange for access to a network of private jets on which they could book seats. But there were numerous hiccups (including layoffs and a prior service suspension), largely due to capital constraints that seem to have persisted. During the reorganization, Camp was among those who moved on (and gave up his investment).
Fortune article here