Hertz developed Oro Mobility — a fleet platform designed to connect vehicles, tech providers and demand platforms at scale — to grow beyond the rental car business and prepare for “the next era of mobility.”

The next era is arriving.

On Tuesday, Hertz, which is still the platform’s majority owner, announced Oro secured an $80 million strategic equity investment that establishes it as a standalone growth platform.

This investment will help fuel independent growth for Oro and scale it across driver-led and autonomous mobility models.

Oro now has the “dedicated capital, talent, flexibility and strategic focus to scale across the evolving mobility ecosystem,” Hertz said.

The investment comes from a consortium of investors, including Cohen Private Ventures and certain funds or accounts affiliated with each of Certares Opportunities LLC and/or Knighthead Capital Management, LLC or an affiliate.

“At Hertz, our strategy is anchored in the belief that our century of expertise can lead a new era of mobility, and Oro is a powerful example of that in action,” Hertz CEO Gil West, who is also executive chairman of Oro Mobility, said in a news release.

“As ride-hail demand expands, autonomous vehicle deployments accelerate and consumers increasingly choose mobility services over personal car ownership, demand is growing for purpose-built operators like Oro,” West said. “This investment underscores the strong foundation we’ve built at Oro and the immense opportunity ahead, validating both Oro’s trajectory and Hertz’s transformation strategy.”

In addition to remaining majority economic owners of Oro, Hertz will continue support Oro as its fleet and corporate services partner. Hertz will be able to participate in the growth of Oro, which will continue to utilize Hertz’s operational capabilities and scale.

The new capital helps Oro expand fleet, operational infrastructure, technology capabilities, talent and strategic partnerships across rideshare rentals, driver-led fleet management and autonomous vehicle fleet management.

Oro is designed to help in the “transition from personal vehicle ownership to driver-led and autonomous fleets,” Hertz said.  “Serving as the ownership, orchestration and operations layer, Oro connects vehicles, technology providers and consumer demand through a seamless operating platform.”

Oro currently partners with mobility companies to provide integrated solutions and operates roughly 45,000 vehicles across every major mobility market in the U.S.

It operates in business lines: rideshare rentals, driver-led fleet management and autonomous vehicle fleet management.

“The future of mobility will be powered by professionally managed fleets,” said Doria Holbrook, CEO of Oro Mobility, in the release.  “As new mobility models emerge, there will be growing demand for companies that can own, finance, operate and maintain vehicles at scale while delivering safe, reliable service.

“Oro was built to fill that role. This investment gives us the capital, focus and strategic partners to accelerate our growth and support the evolving mobility ecosystem.”

Andrew Cohen, chief investment officer and co-founder of Cohen Private Ventures, said: “We believe Oro has established a differentiated position in a growing and dynamic mobility market. We look forward to supporting the team as they continue to scale Oro, strengthen its capabilities and deliver long-term value.”