Fair, a Santa Monica, California-based car-leasing app, secured an undisclosed amount of funding.
The round was led by BMW i Ventures with participation from Penske Automotive Group and other strategic investors.
Fair has also secured offers for nearly $1 billion in dedicated capital from a group of institutional investment banks that traditionally back auto debt portfolios, and from an entity led by Sherpa Capital.
Led by entrepreneur Scott Painter (TrueCar, CarsDirect.com) and global automotive leader Georg Bauer (Mercedes, BMW, Tesla), Fair provides an app that gives users a digital end-to-end way to get a car with the flexibility to return it anytime based on a pre-qualified monthly payment range tailored to their budget.
Now, the company plans to grow its presence from Los Angeles to the rest of California by the end of 2017, and to other select markets nationwide through 2018.