Thursday, September 7, 2017

Fair Raises $16M, Launches Online Car Shopping, Financing App

Santa Monica-based Fair, a startup offering up a mobile app which lets users find, purchase, and finance an automobile--started by automotive startup veteran Scott Painter--has raised $16M and launched its services. According to Fair, its $16M Series Seed funding round was led by Javelin Venture Partners, and also included Charles River Ventures, Foundation Capital, Sherpa Capital, along with Moonshots Capital and others. The company also says it is in the midst of a Series A-1 financing being led by BMW i Ventures. Fair says its service is based on determining a pre-qualified monthly payment range tailored to a user's budget, which lets users walk away from a car with just five days notice--no long term leases or agreements. Fair said it was created by Scott Painter and Georg Bauer; Painter founded TrueCar and ran CarsDirect.com, and Bauer is an auto finance executive who has served at Mercedes, BMW and Tesla.