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Daimler Adds Peer-to-Peer Ride-Sharing Partner
Daimler AG is investing an unspecified amount in Turo Inc. and combining its own Croove platform with the San Francisco-based peer-to-peer ride-sharing company’s business.
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Daimler AG is investing an unspecified amount in Turo Inc. and combining its own Croove platform with the San Francisco-based peer-to-peer ride-sharing company’s business.
The investment is part of Turo’s latest $92 million round of funding, which was led by Daimler’s Mobility Services unit and South Korea's SK Holdings. Liberty Mutual insurance and private equity firm Founders Circle Capital also contributed, as did all of Turo’s existing investors.
Launched in 2009 as RelayRides, Turo now has more than 4 million customers and 170,000 affiliated vehicles. The service lets owners rent their personal vehicles to other members, providing renters with a wide range of options. Turo operates in the U.K. as well as the U.S.
Daimler launched its Croove peer-to-peer service in Germany this spring. Croove and Turbo will be combined next year as Turbo expands into Europe.
The addition of Turbo expands Daimler’s mobility services to more than 100 cities in Europe, North America and China. Among the carmaker’s other services are car2go (car-sharing), mytaxi (ride-hailing) and moovel (multi-modal booking), with a combined 15 million customers.
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