Fair, an automobile-as-a-service startup which provides cars for people on an as needed basis, with no contracts or additional financing, announced today it had received new financing to advance it’s business.
Fair announced it had received $385 million in Series B financing from Exponential Ventures, Munich Re Venture’s ERGO Fund, CreditEase, G Squared, and SoftBank Vision Fund, which led the investment. The transaction will be completed pending regulatory approvals and “satisfaction of other customary closing conditions.”
Fair has been in steady growth mode since it launched in August 2017, providing cars for more than 20,000 users through a network of 3,000 dealers in 26 U.S. markets. Users of the Fair app can scan their license to shop pre-owned cars with all-in affordable monthly payments, sign-up for the car of their choosing, pick it up and drive it for as long as they need it with no commitments or paperwork.
Last year it established a partnership with ridesharing company Uber, where users of the Uber app also can pick up and drive a car of their choice and leave it when they are done with it without any further commitments.
“We’re in the midst of a transformational shift as consumers choose access to services over ownership,” said Fair CEO and Founder, Scott Painter, in a statement. “This financing signals that Fair will be a critical and enduring component of this transition in mobility as we replace the decades-old, debt-based system of car-buying with a payments platform that’s simple, affordable and flexible.”