Peer-to-peer carsharing marketplace Turo has landed a quarter-billion-dollar investment from IAC, an internet and media holdings company whose portfolio includes the likes of Vimeo, HomeAdvisor, Investopedia, tripsavvy, Angie’s List, Tinder, Match and many more.
With the $250 million Series E funding announced Wednesday, Turo has now raised $470 million.
“This latest round of funding brings Turo past the billion-dollar valuation mark — a milestone I couldn’t be prouder of as I reflect on the years of hard work by the devoted Turo team and, of course, the amazing Turo community,” Turo chief executive officer Andre Haddad said in this blog post.
“This fresh flood of funding will help us invest further in growth and refining the customer experience, to get us ever closer to our mission of putting the world’s one billion cars to better use, and our vision that wherever in the world you are, you can find the perfect vehicle for your next adventure from a trusted Turo host,” he said.
IAC becomes Turo’s largest shareholder and has the option to increase its stake over time, IAC said.
CEO Joey Levin, who is set to join Turo’s board of directors as part of the investment, said in a news release: "We like marketplaces. Turo has incredible scale and is benefiting from clear network effects in a very large market where consumers want better, more tailored experiences — perfect for IAC.
“Just as we've seen with travel, dating and home services, technology is accelerating a shift in the transportation space as the economics of car ownership change and the more than $60 billion global car rental market faces disruption and expansion with peer-to-peer carsharing services like Turo taking hold,” Levin said.
“Turo has built the best product and proven out the model, and only just begun to penetrate the market. We're excited to back Andre and the winning team at Turo, and hopefully this investment is a good start.”
Turo's most recent funding round was in September 2017, and the company has experienced two-times annual growth in the last two years, according to the news release announcing the investment. Turo operates in the U.S., Canada, U.K. and Germany.
The U.K. and Germany have been the more recent additions, with growth there coming at 8x annually over the last two years, the news release said.
Turo said its peer-to-peer community includes more than 10 million people (hosts and guests combined) and close to 400,000 vehicles. It describes itself as “a peer-to-peer car sharing marketplace where you can book any car you want, wherever you want it, from a vibrant community of local hosts across the US, Canada, the UK, and Germany. Guests choose from a totally unique selection of nearby cars, while hosts earn extra money to offset the costs of car ownership.”
In September 2017, Turo announced it had 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 Series D round.
As part of that 2017 round, Turo announced it was acquiring Croove, the leading peer-to-peer car sharing marketplace in Germany, from Daimler.