Jay Z is plowing millions into yet another private jet service — and this time he’s hoping it won’t crash and burn.

The rapper tycoon on Monday joined the Saudi royal family in a $105 million financing round for JetSmarter, an app that books private jets on demand, valuing the company at $1.5 billion.

That’s despite the fact that Jay Z, whose real name is Shawn Carter, got wiped out earlier this year when another jet-chartering startup he had backed, BlackJets, abruptly shut down.

One key difference between the two startups is cash. Monday’s capital raise brings Ft. Lauderdale, Fla.-based JetSmarter’s total to $157 million.

That dwarfs the $3.1 million raised by BlackJets, despite a star-studded roster of backers that also included Ashton Kutcher, Uber co-founder Garrett Camp and Salesforce Chief Executive Marc Benioff.

Investors are flocking to JetSmarter because “it does not have any competitors in the private jet space, as our company‘s services are completely unique,” CEO Sergey Petrossov claims.

Those include an app that lets jet-setters search for and book empty seats on already-scheduled routes for private planes. Frequently, they’re making use of “empty-leg” trips, in which a plane is flying empty from one airport to another to pick up a fresh load of passengers.

But JetSmarter’s lack of competition might also be explained by the fact that a number of jet-chartering startups lately have disappeared into thin air.

In addition to BlackJets, which was grounded in May, similar startups including Beacon, Airpooler and Blue Star have folded over the past year.

JetSmarter, which doesn’t own any planes and uses an Uber-like app to dispatch them, says it has about 6,700 members who pay $15,000 for the first year and $11,500 every year thereafter. Members fly 12 to 15 times a year on average.