Turo Announces $92 Million in Series D Funding
Turo has announced today the San Francisco-based company has raised $92 million in Series D funding.
The peer-to-peer carsharing marketplace had Daimler and SK Holdings lead the investment round, with Liberty Mutual Strategic Ventures and Founders Circle Capital also join the financing. Existing investors including August Capital, Canaan Partners, Kleiner Perkins, GV, Trinity Ventures and Shasta Ventures also took part in the latest funding round.
The new $92 million investment brings Turo’s total funding up to $193 million. This new financing will focus on expanding abroad as well as enhancing the customer experience on both sides of the marketplace.
Along with the Series D announcement, Turo also acquired the German peer-to-peer carsharing leader Croove from Daimler. This acquisition means Turo can immediately expand from its U.S., U.K. and Canadian locations into Germany and then more broadly into Europe as a whole.
“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,” said SK Holdings CEO Dong Hyun Jang. “We are confident that Turo will continue to accelerate these trends and look forward to helping Turo to expand into Asia.”
Turo has seen a lot of growth over the past two years, quadrupling their signups and vehicle listings. Turo now has over four million users and 170,000 cars listed. One million of those users joined in the last four months. The South Korean-based SK Holdings will also advise Turo on how to best enter Southeast Asian markets as well.
“We are proud to welcome Daimler, SK Holdings, Liberty Mutual Strategic Ventures and Founders Circle Capital to the Turo family,” said Turo CEO Andre Haddad. “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.”
Jan-Michael Graef, the CFO at Daimler CASE organization and Jungho Shin, SK Holdings VP of portfolio management will join Turo’s board of directors.
Turo is a marketplace that allows local car owners to list their vehicles so prospective customers can find the right ride for their next adventure. You can find anything from Teslas to Mercedes on the service.
