What is Turo?
Founded in 2010 and headquartered in San Francisco, California, Turo operates an online platform that facilitates peer-to-peer car sharing. The service allows individuals to rent out their personal vehicles to others, offering a flexible and often more affordable alternative to traditional car rental companies. Turo's business model taps into the growing trend of the sharing economy, providing asset owners with a way to monetize their vehicles while offering consumers convenient access to transportation.
How much funding has Turo raised?
Turo has raised a total of $467.6M across 8 funding rounds:
Series A
$13M
Private Equity
$5.9M
Series B
$25M
Series C
$47M
Series D
$91.7M
Corporate Investment
$250M
Series E
$30M
Debt
$5M
Series A (2011): $13M with participation from GM Ventures, Google Ventures, August Capital, and Shasta Ventures
Private Equity (2013): $5.9M, investors not publicly disclosed
Series B (2014): $25M supported by Canaan Partners and Trinity Ventures
Series C (2015): $47M featuring Kleiner Perkins, Google Ventures, Shasta Ventures, Canaan Partners, August Capital, and Trinity Ventures
Series D (2017): $91.7M backed by Kleiner Perkins Caufield Byers, Daimler, Founders Circle Capital, Shasta Ventures, Canaan Partners, GV, August Capital, and Trinity Ventures
Corporate Investment (2019): $250M with participation from IAC
Series E (2020): $30M led by Larry Fitzgerald and 2 Chainz
Debt (2020): $5M supported by PPP
Key Investors in Turo
IAC
IAC/InterActiveCorp is a media and Internet company with a diverse portfolio, known for its investments in online marketplaces and consumer services. Their involvement suggests a strategic interest in Turo's platform and its potential for user engagement and market penetration.
Kleiner Perkins
Kleiner Perkins is a venture capital firm specializing in early and growth-stage technology companies. Their investment in Turo highlights a focus on innovative consumer technology and platform businesses with significant scaling potential.
GV
GV (formerly Google Ventures) is a venture capital firm that invests across various stages and sectors, with a strong emphasis on enterprise solutions and consumer technology. Their backing of Turo indicates confidence in the company's disruptive potential within the transportation sector.
What's next for Turo?
With the recent influx of capital, Turo is strategically positioned to enhance its service offerings and expand its global footprint. The company is likely to invest in technology to improve user experience, bolster its fleet management capabilities, and potentially explore new market segments. This latest funding round signals strong investor confidence in Turo's business model and its potential to disrupt the automotive and transportation industries further. Future developments may include deeper integration with automotive manufacturers or expansion into related mobility services.
See full Turo company page
