Thursday, December 20, 2018

Fair Finds $385M For Auto Service

Santa Monica-based Fair, which operates a service which lets consumers essentially gain access to automobiles on a month-to-month "car-as-a-service" program, has raised a giant, $385M funding round. The funding was led by SoftBank, and also included Exponential Ventures, Munich Re Venture's ERGO Fund, G Squared, and CreditEase. The company, led by longtime automotive startup veteran Scott Painter, operates a service which lets users get access to a pre-owned car using a mobile app, and by paying a monthly fee, with no long term commitment. According to the company, so far, it has provided cars for more than 20,000 users. Fair said the new funding will go towards a "global growth plan" for its consumer business, as well as for its partnership with Uber, where it is providing vehicles to Uber drivers. Unlike a lease or purchase, Fair's app lets users simply scan in their driver's license, shop for a pre-owned car, and pay for that car on a monthly basis. Fair acquired Uber's leasing business back in December of 2017, and now offers the same access to vehicles to ridesharing drivers on Uber, directly through the Uber app. Painter, Fair's CEO and founder, was previously CEO and founder of TrueCar.