Feb 22, 2021 - Economy & Business

Scoop: Fair's Scott Painter raises $30 million for new startup

Illustration of car key with dollar sign

Illustration: Eniola Odetunde/Axios

NextCar, a startup for car leases and subscriptions formed by TrueCar and Fair founder Scott Painter, has raised about $30 million in seed funding from investors like Reid Hoffmann and Mark Pincus, per an internal email obtained by Axios. The round was led by a private equity firm, according to a source.

Backstory: Shortly before Painter announced his new company in October, Reuters reported that he was exploring ways to buy Fair back from SoftBank Vision Fund and other backers. He resigned as CEO in October 2019.

Editor's note: The story has been updated to clarify that the company provides lease and subscriptions (not rentals).

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