SoftBank invests $385 million in app-based car rental company Fair

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Automotive leasing startup Honest raised $385 million in its newest funding spherical led by SoftBank Group on Thursday, and mentioned it could use a part of the proceeds to broaden its partnership with Uber Applied sciences.

SoftBank, which has holdings in a number of main ride-hailing firms around the globe, has additionally been a proponent of autonomous driving firms, and just lately struck a cope with Toyota to develop automated driving.

Honest is an app-based automotive rental service that permits customers to lease automobiles from varied auto sellers with out signing long-term or fixed-term contracts.

Based in 2016, Santa Monica, California-based Honest just lately partnered with Uber to lease out automobiles to customers who wished to drive for the ride-sharing firm.

It additionally teamed up with America’s largest auto retailer AutoNation in November to lease used automobiles from its 300-plus retailers throughout the nation.

The funding in Honest will allow the corporate “to supply automobiles on a worldwide scale, and assist cut back the obstacles to mobility,” mentioned Lydia Jett, funding adviser to the SoftBank Imaginative and prescient Fund.

The Japanese tech firm has stakes in Uber, Basic Motors and its Cruise self-driving automotive, China’s Didi Chuxing, South-east Asia’s greatest ride-hailing agency Seize, and India’s Ola.

These holdings replicate SoftBank’s rising affect within the rising fields of AI and autonomous driving, pushed by its investments by means of the practically $100 billion SoftBank Imaginative and prescient Fund.

SoftBank has additionally invested in a number of different auto-related firms, reminiscent of peer-to-peer automotive sharing firm Getaround, European auto dealer Auto1, Brazilian e-commerce supply service Loggi and Full Truck Alliance, China’s largest on-line truck companies firm.

On Wednesday, driving analytics firm Cambridge Cellular Telematics mentioned it raised $500 million from SoftBank’s Imaginative and prescient Fund, Crunchbase reported.

Honest didn’t disclose its valuation after the most recent funding spherical.

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