Car-as-a-service provider Fair announced a $385 million Series B financing round on Thursday that is led by SoftBank.
Also participating in the round were Exponential Ventures, Munich Re Venture’s ERGO Fund, G Squared and CreditEase.
The round, Fair said, “is subject to receipt of regulatory approvals and satisfaction of other customary closing conditions.”
Fair plans to use the funding to help it scale and grow its consumer platform and Uber partnership globally.
“We’re in the midst of a transformational shift as consumers choose access to services over ownership,” Fair founder and chief executive Scott Painter said in a news release. “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.”
Lydia Jett, senior investor at SoftBank Investment Advisers, investment adviser to the SoftBank Vision Fund, said in the release: “Fair provides a simple and affordable way for people to get access to a car for personal use, ridesharing or carsharing. This investment will enable Fair to provide cars on a global scale, and help reduce the barriers to mobility. We believe it unlocks tremendous value for customers, and will create new partnership opportunities across the transportation industry more broadly.”
In addition to what the company offers consumers Fair launched a partnership with Uber in February, which allows rideshare drivers to access Fair’s services through the Uber app.
"The simplicity and flexibility of Fair's model will unlock new levels of opportunity for drivers who want to earn money with Uber," Uber chief product officer Manik Gupta said. "We are excited to expand our partnership with Fair and help more people around the world access opportunities to work and earn on their own schedule."