Info
Info

Fair builds on momentum with latest capital raise led by next47 and acquisition of Skurt

News

Capping a recent expansion and a series of growth-oriented acquisitions and partnerships, Fair has 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.

Info

"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.



The Latest News, Brought To You By
Fair builds on momentum with latest capital raise led by next47 and acquisition of Skurt
Modified on Tuesday 6th February 2018
Find all articles related to:
Fair builds on momentum with latest capital raise led by next47 and acquisition of Skurt
TaaS Technology Magazine


Tuesday 4th - Wednesday 5th June 2019 @ The National Motorcycle Museum

Transportation-as-a-Service (TaaS) Technology will evolve in 2019 from the inaugural conference which took place in 2018, into two co-located conferences plus a shared exhibition. As per 2018 TaaS Technology will cover Connected and Autonomous Vehicles (CAVs) and Future Mobility. The new co-located conference will look at 'Energising Future Mobility' and will focus on the key topics surrounding Electric Vehicles (EVs), Battery/Energy Technology and Infrastructure.

Places will be limited, so register your place today: https://taas.technology
Info
Sumitomo Electric And EV Safe Charge Team Up To Create App Providing Comprehensive EV Road Trip Experience
Hyundai Mobis And KT Collaborate To Test Connected Vehicle Technologies Based On 5G
Nvidia’s DRIVE Software 8.0 Enables Surround Perception, AR For Autonomous Vehicles
Human Horizons Demonstrates Urban Autonomous Driving In Yancheng, China
DeepBlue Debuts “Smart Panda Bus”, An AI Based Autonomous Vehicle
Volkswagen To Build New Generation Of Its EVs At Its Chattanooga Plant In US
Volvo Group Venture Capital Invests In Momentum Dynamics, A Wireless EV Charging Company
Car2go Launches Its Services In Paris
Alto, An On-demand Rides Startup Launches In Dallas
LG And Microsoft Partner To Accelerate Autonomous Vehicle Development
AFC Energy Develops World’s First Hydrogen EV Charger
Allego And Gireve Sign New Agreement On Interoperability
Bridgestone Europe Acquires TomTom Telematics To Enhance Its Connected Fleet Solutions
Sprint Curiosity IoT To Implement 5G In Peachtree Corners, Ga
Bosch Showcases Its Autonomous All Electric Shuttle Concept
Valeo And Mobileye To Jointly Develop New Safety Standard For Autonomous Vehicles
Nissan Tries To Carve Out A New Segment Of Vehicles With The IMs Concept
GoTo Mobility Integrates With Moovit In Israel
MPSC Approves Michigan’s First EV Infrastructure Programme
Keysight Technologies Joins CharIN To Accelerate The Combined Charging System For EVs
Cadillac To Lead GM’s EV Initiatives, Cruise To Commercialise Autonomous Vehicles
Iteris And Cisco Collaborate To Deliver Connected Roadway Solutions
Infiniti Showcases Its Fully Electric Concept SUV, The QX Inspiration
KDDI And AT&T To Provide 4G LTE Connectivity For Toyota And Lexus Vehicles In The US
Info
Info
×
Search the news archive

To close this popup you can press escape or click the close icon.
Logo
×
Logo
×
Register - Step 1

You may choose to subscribe to the TaaS Magazine, the TaaS Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in:
 
X
Info
X
Info