Wag founders create mobility venture; Hulu decreases subscription rate; Fair gains $50 million credit facility
The Business Journal reports Santa Monica-based car leasing and financing provider Fair has closed a $50 million credit line from Silicon Valley Bank which will be used to buy cars for its users. After finalizing the credit facility, Fair has nearly $1 billion in debt capital since incorporating in 2016. In December, Fair closed a $385 million Series B round led by Softbank Group Corp; its total funding stands at $500 million to date.
Santa Monica-headquartered Hulu announced Jan. 23 it will decrease its ad-supported monthly subscription price by $2 beginning Feb. 26. The price drop, the Verge notes, comes just days after rival Netflix Inc. declared it will increase its subscription fees for all plans. While Hulu is now providing its basic streaming offerings for $5.99, the cost to watch live TV on Hulu increased, by $5 to $44.99 monthly.
Brothers Jonathan and Joshua Viner, founders of West Hollywood-based dog walking app Wag, raised $37 million for a new electric mobility venture called Wheels. The Business Journal reports Wheels’ executive team includes former Lyft Inc. Director of Product Ben Shaken, who will serve as chief product officer for Wheels; and former Uber Technologies Inc. Director of Product Marco McCottry, who joins Wheels as its chief operating officer. Wheels vehicles are currently deployed in San Diego and the company aims to launch more in Southern California soon.
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