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SoftBank leads $385M series B round for car rental service Fair

California-based car-leasing company Fair raised $385 million in a series B financing round led by SoftBank Group Corp.

Other investors in the round include Exponential Ventures, G Squared, Creditease Corp. and Munich Re Venture's ERGO Funds AS, according to a Dec. 20 news release.

The transaction is subject to regulatory approvals and customary closing conditions, the company said.

Fair will use the proceeds to kick off its global growth plan for consumer business and its partnership with Uber Technologies Inc. Earlier this year, Fair partnered with Uber and became the exclusive long-term vehicle leasing partner to Uber in the U.S.

Founded in 2016, Fair allows users to lease cars from various auto dealers without signing long-term or fixed-term contracts.