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Turo Lands $250 Million in New Funding
InterActiveCorp is investing $250 million in Turo Inc., a San Francisco-based peer-to-peer car-sharing company.
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InterActiveCorp is investing $250 million in Turo Inc., a San Francisco-based peer-to-peer car-sharing company.
The minority position will make IAC Turo’s largest shareholder. Turo previously has raised $220 million from various investors, including Daimler and Sumitomo.
The 9-year-old startup generated about $250 million in sales last year, according to The Wall Street Journal. IAC’s investment values Turo at more than $1 billion.
Turo plans to use the funds to expand internationally. The company says it currently has 10 million members and more than 350,000 listed vehicles, with coverage in 5,500 cities across the U.S., Canada, Germany and the U.K.
The service lets owners rent their personal vehicles to other members via a smartphone app. Turo claims prices can be as much as 35% less than traditional car rental agencies.
IAC, a New York-based holding company, also has stakes in several online dating sites and other internet service providers. Affiliated companies include Angie’s List, Dotdash, Vimeo video and the Daily Beast news site.
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