More money is flowing into companies that cater to alternative forms of vehicle use; this time with plenty of European and Asian involvement.
Peer-to-peer car sharing marketplace Turo said this week it has raised $92 million in Series D funding. Daimler and SK Holdings — one of South Korea's largest conglomerates — led the round, with Liberty Mutual Strategic Ventures and Founders Circle Capital also joining the financing.
Existing investors August Capital, Canaan Partners, Kleiner Perkins, GV, Trinity Ventures and Shasta Ventures also invested in the latest round of financing. As a result, Turo will also acquire Croove, the leading peer-to-peer car sharing marketplace in Germany, from Daimler.
In the past two years, Turo said it has quadrupled its signups and vehicle listings. Currently, Turo has more than four million users, adding more than one million in the last four months alone, and has over 170,000 vehicles listed.
“We are proud to welcome Daimler, SK Holdings, Liberty Mutual Strategic Ventures and Founders Circle Capital to the Turo family,” said Turo chief executive officer Andre Haddad said. “This impressive roster of strategic investors joins our existing investors in fueling Turo's mission to put the world's one billion cars to better use and positions Turo firmly as the global leader in the fast-growing peer-to-peer car sharing space.
“We’re thrilled to have them by our side as we work to reshape car ownership and travel worldwide,” Haddad continued.
Turo highlighted that its acquisition of Croove provides an immediate opportunity to expand its presence from existing international markets in Canada and the U.K. to Germany and more broadly into Europe. Funding co-lead SK Holdings will also provide strategic support and insights as Turo considers expansion into South Korea and other Asian markets.
“People want access to mobility — anytime and anywhere," said Jorg Lamparter, head of mobility services responsible for all mobility services bundled under the roof of Daimler Financial Services.
“We have already been addressing this desire by providing mobility services to over 15 million people, and our investment in Turo allows us to further expand our leading position and create a stronger mobility services ecosystem. Daimler's expertise in this sphere and Turo's marketplace complement each other perfectly,” Lamparter continued.
SK Holdings CEO, Dong Hyun Jang added, “Attitudes toward car ownership and travel are rapidly changing. We've witnessed these changes first-hand through our investments in SoCar, Korea's leading car sharing service, and SoCar Malaysia, which will launch at the end of this year.
“We are confident that Turo will continue to accelerate these trends and look forward to helping Turo to expand into Asia,” Jang went on to say.
In addition to investing, Jan-Michael Graef, CFO at Daimler CASE organization and SK Holdings VP of Portfolio Management, Jungho Shin, have joined Turo’s board of directors.
Liberty Mutual's investment in Turo builds upon the companies’ existing relationship that provides commercial insurance for vehicles on the Turo platform.
“We are excited to support Turo's peer-to-peer car sharing marketplace as they reinvent traditional car ownership,” said Dan Robinson, managing director of Liberty Mutual Strategic Ventures. “The sharing economy has been a focal point for the fund, and Liberty Mutual is eager to engage with Turo to explore how we can provide innovative insurance solutions for their customers and our policyholders.”
Founders Circle Capital (FCC) participated as a new financial investor in Turo’s Series D.
“We are focused on finding the most disruptive, highest performing and capital efficient private technology companies. Turo significantly exceeds our strict investment requirements on revenue, growth and profitability,” said Chris Albinson, Managing Director at Founders Circle Capital.
“It is clear that, much like Airbnb did in accommodations, Turo has established itself as the category leader in car sharing. We’re proud to align ourselves with such a forward-thinking management team and investors as they gain brand momentum and global expansion,” Albinson continued.
The $92 million Series D funding brings the company's total funding to $193 million.
In addition to its focus on expansion abroad and deepening its expertise in insurance, Turo added that it plans to invest capital from the Series D to enhance the customer experience on both sides of the marketplace, boost customer acquisition and grow the Turo brand globally.