Turo Raises $92 million in Funding
Daimler and SK Holdings are among those who are funneling cash to the peer to peer car sharing company.
Turo recently announced that it has raised $92 million in Series D funding. The funding was lead by Germany's Daimler and South Korea's SK Holdings. The deal was not just for money. Through Daimler, Turo says it will acquire Croove, which is the leading peer to peer car sharing—equivalent to Turo in Germany. The SK Holdings involvement, according to Turo, will build a strong foundation for future peer to peer car sharing when it launches in Asia.
With its business already in the United States, Canada, and the United Kingdom Turo says it will be launching in Germany in the next year no doubt with the help of Daimler.
The AirBnB of cars, Turo started in 2009 under the name RelayRides. RelayRides was re-branded to Turo in 2015 and has since become the go to for people wanting a quick ride. From consumer A to B cars to top spec exotic cars Turo has it all. Turo can both help make money for car owners who have cars sitting around or save you money since many of the cheaper car options are cheaper than traditional rental companies.
Daimler and SK Holdings were not the only investors this round. They were joined by Liberty Mutual Strategic Ventures and Founders Circle Capital.
With peer to peer car sharing, insurance is a concern for both the borrower and the host offering their vehicle. Turo hopes to strengthen its capability on that front with its partnership with Liberty Mutual Strategic Ventures.
According to Turo, its user base is over 4,000,000 with over 170,000 vehicles available to chose from. With these new partnerships that user base will only continue to grow. I myself have found myself browsing a day rental of an Alfa Romeo 4C in my area.