Peer-to-peer Car Sharing firm Turo Raises $250 Million in Late Funding

 

Peer-to-peer Car Sharing firm Turo Raises $250 Million in Late Funding

Turo, around the time of it's Series E funding (Late Funding), has almost 400,000 vehicles available on the platform, with over 10 million users across both those listing their cars and those renting.

Turo shared its growth rate at around 2x over the past two years, and at 8x in its international markets, such as the U.K. and Germany (where it took over Daimler’s car-sharing business alongside a strategic investment deal).

Turo has raised $250 million of funding from IAC, the internet media company that owned and spun out Match.com and OkCupid. This round pushes Turo into unicorn territory, with its valuation now “past the billion-dollar” mark according to Turo CEO Andre Haddad.

The company plans to use the investment to fuel its growth, further refine the customer experience aspect of its product and generally support its overall mission of increasing utilization rates for the more than one billion cars currently estimated to be on the road around the world today.