According to news from TechCrunch, Fair has now raised over $100 million in equity funding after this latest round of $50 million, which was led by next47, as well as repeat investors BMW, Upfront Ventures, G Squared, CreditEase, Millennium TVP and 137 Ventures.
“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, in a statement. “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.”
Terms of the Skurt deal were not revealed, but Fair’s CEO confirmed that Skurt’s existing service will be closed and its technology and team will be folded into Fair.
TechCrunch speculates that Fair will use some of its funding to make additional acquisitions, as well as launch its services nationally. Right now, it’s only available to California residents.
In December, Fair acquired Uber’s Xchange Leasing, which had been losing around $9,000 a car. As part of the deal, the companies will work together through an exclusive agreement, with Uber offering would-be drivers access to Fair on its mobile app in the U.S. Uber will also acquire an equity stake in Fair, and Fair is giving around 150 jobs to Xchange Leasing staffers.
“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, in a statement. “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.”