Fair, a flexible car-ownership startup, has recently made two significant acquisitions to further strengthen its position in the market. The company closed another round of funding led by next47, an investment firm backed by Siemens, and acquired Los Angeles-based Skurt, a rental car delivery service.
As part of the deal, Skurt’s existing service will be shut down, and its technology and team will be integrated into Fair. Terms of both acquisitions have not been disclosed. Sources close to the company suggest that Fair has now raised over \(100 million in equity funding, which would put this latest round at around \)50 million.
Fair’s CEO, Scott Painter, stated that these investments are an important part of Fair’s continuing and rapid growth. He added that the future of car ownership lies in the digital, flexible, and affordable model that Fair provides. The company has received enthusiastic responses from customers who prefer to make digital purchases for various services, including cars.
Apart from next47, this latest round includes repeat investors BMW, Upfront Ventures, CreditEase, Millennium TVP, and 137 Ventures. Skurt had raised around $11.3 million with backers such as BMW, Upfront Ventures, Winklevoss Capital, and others.
Fair is also exploring the possibility of partnering with BMW for its wider efforts in flexible ownership. DriveNow, a European car sharing company owned by BMW, has recently bought out Sixt for $260 million. This could potentially help build a global operation for BMW’s flexible ownership program through Fair. Meanwhile, Siemens, another investor in Fair, is preparing for a stronger role in autonomous vehicles.
In the Skurt acquisition, Fair aims to use the company’s technology to quickly scale its business nationwide from its current California footprint. By offering drivers the option of full ownership in the future, Fair hopes to build a profitable business around flexible and affordable offers.
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