SANTA MONICA, Calif., Feb. 5, 2018 /PRNewswire/ -- Capping a recent expansion and a series of growth-oriented acquisitions and partnerships, Fair today announced the closing of their latest round of strategic equity funding, led by next47, the Siemens-backed global venture firm. Also making equity investments in the round are BMW, CreditEase FinTech Investment Fund, Millennium Technology Value Partners, 137 Ventures, G Squared, and Upfront Ventures.
"These investments are an important part of Fair's continuing and rapid growth, and are further confirmation that the future of car ownership lies in the digital, flexible and affordable model that Fair provides," said Scott Painter, Fair CEO and founder. "We're gratified that Fair's reception from the investment community matches the enthusiastic response of our customers, who want to get a car the same way they make countless other digital purchases—from wherever they are and with no long-term commitment."
This current funding follows an investment round last fall in which Fair attracted significant strategic equity investments from institutional and automotive investors, as well as dedicated debt capital from a group of top-tier investment banks.
Fair used those investments to fund several moves in recent months, including using a secured loan facility provided by Goldman Sachs Bank USA to purchase the existing lease contracts and vehicles of Uber's Xchange Leasing subsidiary in January. Concurrent with that deal, Fair also entered into an exclusive, long-term partnership with Uber that enables its ride-share drivers to get a Fair car and turn it in any time.
"At next47, we're dedicated to help grow companies that will define the next generation of global innovation," said T.J. Rylander, partner at next47. "It's clear that consumption models for personal transportation are changing rapidly and subscription-based pricing models are on the rise across all industries. Fair is at the forefront of marrying these two trends and making car ownership much more attractive for today's consumers while opening up new market opportunities for manufacturers and dealers."
In addition to the Uber partnership, Fair has also acquired the vehicle-delivery app, Skurt, as part of its plan to quickly scale a cost-effective platform for vehicle delivery, pick-up and fleet management. Skurt's platform enables the digital initiation and monitoring of customer car deliveries from a central dashboard, as well as real-time notification, fleet location tracking, and instant communication throughout the process.
Launching in the iOS App Store last August, Fair recently completed its expansion to all major markets in California, and plans to launch nationwide by the end of the year. Fair allows customers to get a car entirely on their phone and turn it in whenever they want. Users can scan their driver's license to get pre-qualified for a range of personalized monthly payments, sign for the car they want with their finger, and pick up the keys without any physical paperwork.
Fair offers a forward-thinking model of flexible car ownership that responds to consumer demand for more freedom. Fair gives customers the flexibility to drive the car they want for as long as they want, and lets them walk away any time. Eliminating the long-term commitment of traditional financing or leasing, Fair allows you to select your car, miles, and view your payments—all in a mobile and paperless end-to-end experience that's simple, transparent and affordable. Fair is headquartered in Santa Monica, Calif. For more information, please visit www.fair.com.
Vice President, Edelman for Fair
Director of Investor Relations, Fair