Fair gets $385M led by Softbank to grow its flexible car ownership model globally.
Fair has raised a huge Series B funding round of $385 million led by Softbank, with participation from Exponential Ventures, Munich Re Venture’s ERGO Fund, G Squared, and CreditEase, to take its business global. Requiring just a drivers license and a credit card (or bank details), Fair provides flexible leasing plans both to everyday users, and to people who use cars for work purposes. In the last year, it has worked closely with Uber, which sold Fair its $400 million leasing business earlier this year, to equip its drivers with vehicles, and that will be a pattern it hopes to repeat with other ride-sharing providers in other markets.
“The plan is to scale the business ten-fold,” CEO and co-founder Scott Painter said in an interview. Fair is already in 15 states (26 markets) in the US and is adding a new city every week, he continued, leasing cars to more than 20,000 users to date. “Growth has been dramatic over the last year.”
“As an early investor it’s been great to see Fair go from launching in LA to a nationwide roll out and join the unicorn club in less than 1 year. We love what they are doing to both increase affordability and flexibility for ride-share drivers and consumers alike!”–Marlon Nichols, Managing Partner at Cross Culture Ventures
press coverage: TechCrunch, The Wall Street Journal, Reuters